Best Buy (NYSE:BBY) Given New $95.00 Price Target at Truist Financial

Best Buy (NYSE:BBY) had its price objective trimmed by Truist Financial from $107.00 to $95.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the technology retailer’s stock.

Several other equities analysts also recently weighed in on BBY. Loop Capital dropped their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group upped their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Melius Research began 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. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

NYSE BBY opened at $90.05 on Wednesday. The business has a 50 day moving average price of $93.81 and a 200 day moving average price of $89.17. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The company has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the business posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Sell-side analysts expect that Best Buy will post 6.19 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company 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 is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.18%. Best Buy’s payout ratio is 64.27%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its stake in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. increased its position in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares in the last quarter. Institutional investors and hedge funds 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.