Truist Financial Cuts Best Buy (NYSE:BBY) Price Target to $95.00

Best Buy (NYSE:BBY) had its price objective lowered by Truist Financial from $107.00 to $95.00 in a research note published on Wednesday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology retailer’s stock.

Other equities research analysts have also issued reports about the stock. Melius Research assumed coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Barclays raised their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. The Goldman Sachs Group raised 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. Finally, Loop Capital lowered their price target on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday. One investment 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 stock. According to data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Price Performance

BBY stock opened at $90.05 on Wednesday. The business’s 50-day moving average is $93.81 and its two-hundred day moving average is $89.17. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The firm has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a P/E/G 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.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the company earned $1.22 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that Best Buy will post 6.19 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ninety One UK Ltd purchased a new stake in shares of Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans raised its position in Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after acquiring an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Swedbank AB purchased a new stake in shares of Best Buy during the 1st quarter worth $43,522,000. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.