Best Buy (NYSE:BBY) Price Target Lowered to $115.00 at UBS Group

Best Buy (NYSE:BBY) had its target price cut by UBS Group from $123.00 to $115.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other research firms have also recently commented on BBY. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Wells Fargo & Company reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Loop Capital reduced their price target on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Up 2.1 %

Shares of BBY opened at $90.05 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a market cap of $19.34 billion, a PE ratio of 15.39, a P/E/G ratio of 2.34 and a beta of 1.47. The business has a fifty day moving average of $93.81 and a 200 day moving average of $89.17.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 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 $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the business earned $1.22 EPS. The business’s revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Best Buy will post 6.19 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in BBY. Ninety One UK Ltd acquired a new stake in shares of Best Buy during the second quarter worth about $121,325,000. Thrivent Financial for Lutherans raised its holdings in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB acquired a new stake in Best Buy during the 1st quarter worth about $43,522,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.