Best Buy (NYSE:BBY) Price Target Lowered to $85.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price trimmed by Wells Fargo & Company from $89.00 to $85.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the technology retailer’s stock.

BBY has been the topic of a number of other research reports. Citigroup dropped their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday. Wedbush reiterated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a report on Monday. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday. Finally, Evercore ISI cut their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Performance

Shares of Best Buy stock opened at $75.36 on Wednesday. The stock has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company’s fifty day moving average is $85.97 and its 200 day moving average is $90.51.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the company posted $2.72 EPS. Sell-side analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.04%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Siemens Fonds Invest GmbH increased its position in shares of Best Buy by 254.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock valued at $1,317,000 after acquiring an additional 11,024 shares during the last quarter. GHE LLC increased its position in shares of Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after purchasing an additional 788 shares during the last quarter. Total Wealth Planning & Management Inc. bought a new stake in shares of Best Buy during the 4th quarter worth $731,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Best Buy in the fourth quarter valued at about $29,090,000. Finally, Brooklyn FI LLC bought a new position in Best Buy during the fourth quarter valued at $315,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.