Piper Sandler Cuts Best Buy (NYSE:BBY) Price Target to $92.00

Best Buy (NYSE:BBY) had its target price lowered by Piper Sandler from $102.00 to $92.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the technology retailer’s stock.

Other equities analysts also recently issued reports about the stock. Evercore ISI decreased their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday. Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Jefferies Financial Group decreased their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a report on Friday, February 28th. Finally, Bank of America decreased their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Up 1.3 %

NYSE:BBY opened at $79.66 on Wednesday. The firm has a market capitalization of $17.03 billion, a P/E ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s fifty day moving average price is $85.58 and its 200-day moving average price is $90.39. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm posted $2.72 earnings per share. As a group, equities research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.77%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the stock. Siemens Fonds Invest GmbH grew its position in shares of Best Buy by 254.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock worth $1,317,000 after buying an additional 11,024 shares in the last quarter. GHE LLC raised its stake in shares of Best Buy by 4.3% during the fourth quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock worth $1,644,000 after purchasing an additional 788 shares during the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in shares of Best Buy during the fourth quarter worth approximately $731,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Best Buy during the fourth quarter worth $29,090,000. Finally, Brooklyn FI LLC acquired a new position in Best Buy during the fourth quarter worth $315,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.