Best Buy (NYSE:BBY) Trading Down 0.4% After Analyst Downgrade

Best Buy Co., Inc. (NYSE:BBY) shares fell 0.4% on Thursday after Truist Financial lowered their price target on the stock from $107.00 to $95.00. Truist Financial currently has a hold rating on the stock. Best Buy traded as low as $87.06 and last traded at $88.17. 4,011,994 shares were traded during mid-day trading, an increase of 31% from the average session volume of 3,065,271 shares. The stock had previously closed at $88.48.

BBY has been the subject of several other reports. Barclays increased their price objective on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Citigroup reduced their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Evercore ISI lifted their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $100.82.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. lifted its stake in shares of Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after acquiring an additional 201,562 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock worth $2,294,000 after buying an additional 4,370 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Best Buy in the 3rd quarter worth $247,000. World Investment Advisors LLC purchased a new position in shares of Best Buy in the 3rd quarter worth $5,234,000. Finally, TCW Group Inc. boosted its stake in shares of Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock worth $32,704,000 after buying an additional 193,209 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Down 0.4 %

The stock has a market capitalization of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $93.96 and a 200-day moving average price of $89.06.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued 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 dividend yield of 4.26%. Best Buy’s payout ratio is 64.83%.

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.