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

Best Buy (NYSE:BBY) had its target price trimmed by Guggenheim from $110.00 to $105.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the technology retailer’s stock.

A number of other research firms also recently weighed in on BBY. The Goldman Sachs Group lifted their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. DA Davidson reissued a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Finally, Bank of America boosted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Price Performance

NYSE BBY opened at $90.00 on Friday. The company has a market cap of $19.33 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.39 and a beta of 1.47. Best Buy has a 1 year low of $69.29 and a 1 year 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 company has a fifty day simple moving average of $93.81 and a 200 day simple moving average of $89.38.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating 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 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 company earned $1.22 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. Best Buy’s payout ratio is 64.27%.

Institutional Trading of Best Buy

A number of large investors have recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. lifted its stake in Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares in the last quarter. Geode Capital Management LLC increased its stake in Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares during the last quarter. Raymond James & Associates lifted its position in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of 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 acquiring an additional 1,024,824 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Company Profile

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.