Citigroup Cuts Best Buy (NYSE:BBY) Price Target to $101.00

Best Buy (NYSE:BBY) had its price objective lowered by Citigroup from $109.00 to $101.00 in a research report released on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the technology retailer’s stock.

A number of other research analysts have also commented on the company. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Loop Capital lowered their target price 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. Telsey Advisory Group decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday. Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, DA Davidson reaffirmed a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Price Performance

NYSE BBY opened at $90.05 on Wednesday. The company has a 50-day moving average price of $93.81 and a two-hundred day moving average price of $89.17. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. The company has a current ratio of 1.00, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 EPS. Analysts forecast that Best Buy will post 6.19 EPS for the current year.

Best Buy Announces Dividend

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

Institutional Investors Weigh In On Best Buy

Several large investors have recently made changes to their positions in the company. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy in the 2nd quarter valued at $35,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 3rd quarter valued at $40,000. LRI Investments LLC boosted its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Whittier Trust Co. increased its position in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. 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.