Wells Fargo & Company Cuts Best Buy (NYSE:BBY) Price Target to $89.00

Best Buy (NYSE:BBY) had its price objective reduced by Wells Fargo & Company from $95.00 to $89.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the technology retailer’s stock.

A number of other analysts also recently issued reports on the company. UBS Group lifted their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America raised their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Telsey Advisory Group cut their price target 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 cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Truist Financial upped their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Up 2.1 %

Shares of Best Buy stock opened at $90.05 on Wednesday. The company’s 50-day moving average price is $93.81 and its 200-day moving average price is $89.17. 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 has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market cap of $19.34 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47.

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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the business posted $1.22 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts expect that Best Buy will post 6.19 earnings per share for the current fiscal 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 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 Inflows and Outflows

Several hedge funds have recently made changes to their positions in BBY. Ninety One UK Ltd bought a new stake in Best Buy in the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans boosted 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 period. Bank of New York Mellon Corp grew its stake 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 worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new position in Best Buy during the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC raised its position in Best Buy by 55.4% during 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 purchasing an additional 491,781 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.