Guggenheim Cuts Best Buy (NYSE:BBY) Price Target to $105.00

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

BBY has been the topic of a number of other reports. The Goldman Sachs Group lifted their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Truist Financial decreased their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Finally, Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Trading Up 2.1 %

Shares of BBY opened at $90.00 on Friday. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market capitalization of $19.33 billion, a P/E ratio of 15.38, a price-to-earnings-growth ratio of 2.39 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. The stock’s fifty day simple moving average is $93.81 and its 200 day simple moving average is $89.38.

Best Buy (NYSE:BBY) last posted its earnings results 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 firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate 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 was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. On average, equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% in 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 during the period. Innealta Capital LLC acquired a new stake in shares of Best Buy during the 2nd quarter valued at $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the third quarter worth $40,000. LRI Investments LLC raised its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares in the last quarter. Finally, Whittier Trust Co. boosted 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 valued at $41,000 after purchasing an additional 171 shares during the last quarter. 80.96% of the stock is currently 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.