UBS Group Cuts Best Buy (NYSE:BBY) Price Target to $115.00

Best Buy (NYSE:BBY) had its price target trimmed by UBS Group from $123.00 to $115.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a buy rating on the technology retailer’s stock.

Several other research analysts have also recently weighed in on BBY. Wedbush lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. DA Davidson reissued a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Melius Research began coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective on the stock. Finally, The Goldman Sachs Group increased their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Trading Up 2.1 %

Shares of NYSE:BBY opened at $90.05 on Wednesday. The stock’s 50-day simple moving average is $93.81 and its two-hundred day simple moving average is $89.17. The stock has a market capitalization of $19.34 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00.

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

Best Buy Dividend Announcement

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. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in shares of Best Buy by 25.3% during the 1st quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after acquiring an additional 3,044 shares during the last quarter. Comerica Bank lifted its position in Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after purchasing an additional 298 shares during the last quarter. iA Global Asset Management Inc. grew its stake in shares of Best Buy by 761.4% in the 1st quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock worth $430,000 after buying an additional 4,637 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Best Buy in the 1st quarter worth about $994,000. Finally, Swedbank AB purchased a new stake in shares of Best Buy during the 1st quarter valued at about $43,522,000. 80.96% of the stock is owned by institutional investors.

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.