Best Buy (NYSE:BBY) Price Target Cut to $89.00 by Analysts at Barclays

Best Buy (NYSE:BBY) had its price target decreased by Barclays from $95.00 to $89.00 in a report released on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the technology retailer’s stock.

Several other equities research analysts also recently commented on the company. Melius Research assumed coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Telsey Advisory Group reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Citigroup lowered their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $100.72.

Best Buy Trading Down 0.0 %

NYSE BBY opened at $84.26 on Thursday. The firm has a market capitalization of $18.01 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.19 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company’s 50 day moving average price is $88.13 and its 200 day moving average price is $90.19.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the business posted $1.29 EPS. The business’s revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.46%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.59% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Several hedge funds have recently bought and sold shares of BBY. Private Advisor Group LLC raised its holdings in shares of Best Buy by 94.9% during the second quarter. Private Advisor Group LLC now owns 5,829 shares of the technology retailer’s stock valued at $491,000 after buying an additional 2,839 shares during the last quarter. PFG Investments LLC bought a new stake in Best Buy during the 2nd quarter valued at $475,000. Choreo LLC boosted its position in Best Buy by 171.1% during the 2nd quarter. Choreo LLC now owns 8,859 shares of the technology retailer’s stock worth $731,000 after acquiring an additional 5,591 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of Best Buy by 110.3% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 9,446 shares of the technology retailer’s stock worth $796,000 after purchasing an additional 4,955 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its holdings in shares of Best Buy by 4.8% during the second quarter. Royal London Asset Management Ltd. now owns 80,427 shares of the technology retailer’s stock valued at $6,779,000 after purchasing an additional 3,699 shares during the period. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.