Best Buy (NYSE:BBY) Price Target Cut to $101.00 by Analysts at Citigroup

Best Buy (NYSE:BBY) had its price objective reduced by Citigroup from $109.00 to $101.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other equities analysts also recently commented on BBY. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Telsey Advisory Group cut their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Up 2.1 %

Shares of BBY stock opened at $90.05 on Wednesday. The firm has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The firm’s fifty day simple moving average is $93.81 and its 200 day simple moving average 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 (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.22 EPS. As a group, sell-side analysts predict that Best Buy will post 6.19 EPS for the current year.

Best Buy Announces Dividend

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

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Park Avenue Securities LLC grew its stake in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust grew its position in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the period. SeaCrest Wealth Management LLC grew its position in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares during the period. Tobam increased its position in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC raised its stake in Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the period. Institutional investors own 80.96% of the company’s stock.

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.