Loop Capital Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price decreased by Loop Capital from $110.00 to $100.00 in a research note released on Wednesday morning,Benzinga reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Several other brokerages also recently issued reports on BBY. Telsey Advisory Group cut their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Citigroup decreased their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Trading Up 2.1 %

NYSE BBY opened at $90.05 on Wednesday. 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 0.34 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average of $93.81 and a 200-day moving average of $89.17. The company has a market cap of $19.34 billion, a PE ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47.

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

Best Buy Dividend Announcement

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

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. grew its holdings in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Innealta Capital LLC acquired a new stake in Best Buy during the second quarter worth about $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC raised its position in shares of Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the period. 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.