Guggenheim Cuts Best Buy (NYSE:BBY) Price Target to $90.00

Best Buy (NYSE:BBY) had its target price cut by Guggenheim from $105.00 to $90.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other analysts have also recently commented on the company. Bank of America dropped their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Morgan Stanley lowered their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Telsey Advisory Group lowered their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Barclays lowered their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Performance

Shares of BBY opened at $79.66 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average price is $85.58 and its 200-day moving average price is $90.39. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71. The stock 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.

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

Best Buy Increases Dividend

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

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value 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. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the stock. QRG Capital Management Inc. increased its stake in shares of Best Buy by 10.5% in the 3rd 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 in the last quarter. Asset Management One Co. Ltd. increased its stake in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new stake in Best Buy in the 4th quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its stake in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares in the last quarter. Finally, Alberta Investment Management Corp increased its stake in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other 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.