JPMorgan Chase & Co. Cuts Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its target price reduced by JPMorgan Chase & Co. from $115.00 to $110.00 in a report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology retailer’s stock.

A number of other analysts also recently commented on the stock. Morgan Stanley decreased their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday. Guggenheim reduced their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. Telsey Advisory Group reduced their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday. Barclays reduced their price target 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. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 1.3 %

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

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share 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 quarter in the previous year, the firm earned $2.72 earnings per share. Analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

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

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on 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. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the third quarter valued at $40,000. National Pension Service raised its holdings in shares of Best Buy by 18.1% during the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after purchasing an additional 60,880 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Best Buy during the third quarter worth $817,000. 80.96% of the stock is currently owned by hedge funds and other 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.