Evercore ISI Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target trimmed by Evercore ISI from $95.00 to $80.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an in-line rating on the technology retailer’s stock.

BBY has been the topic of a number of other research reports. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Wednesday. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Citigroup lowered their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 1.3 %

BBY stock opened at $79.66 on Wednesday. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The firm has a market cap of $17.03 billion, a P/E ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43. The business’s 50 day moving average is $85.58 and its 200-day moving average is $90.39. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the previous year, the business earned $2.72 EPS. Equities analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently bought and sold shares of BBY. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the third quarter worth about $40,000. National Pension Service boosted its stake in 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 acquiring an additional 60,880 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in 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 acquiring an additional 19,405 shares in the last quarter. QRG Capital Management Inc. boosted its stake in 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 acquiring an additional 3,025 shares in the last quarter. Finally, Greenwood Capital Associates LLC bought a new position in shares of Best Buy in the third quarter worth approximately $817,000. 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.