Best Buy (NYSE:BBY) Price Target Lowered to $90.00 at Loop Capital

Best Buy (NYSE:BBY) had its target price decreased by Loop Capital from $100.00 to $90.00 in a report released on Wednesday morning,Benzinga reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Several other equities analysts also recently commented on BBY. DA Davidson lowered their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday. Finally, Truist Financial cut their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Trading Up 0.2 %

Shares of NYSE:BBY opened at $75.36 on Wednesday. The stock has a 50 day moving average of $85.97 and a 200 day moving average of $90.51. The company has a market cap of $16.11 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the company posted $2.72 earnings per share. As a group, equities research analysts expect that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

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

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents 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 this link. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently made changes to their positions in BBY. IFP Advisors Inc lifted its stake in Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the last quarter. Mariner LLC lifted its stake in shares of Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after acquiring an additional 129 shares during the last quarter. LRI Investments LLC lifted its stake in shares of Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after acquiring an additional 141 shares during the last quarter. Rothschild Investment LLC boosted its holdings in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after acquiring an additional 142 shares during the period. Finally, Independent Advisor Alliance increased its stake in Best Buy by 5.0% in the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after purchasing an additional 142 shares during the period. 80.96% of the stock is owned by hedge funds and other 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.