JPMorgan Chase & Co. Cuts Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its target price decreased by JPMorgan Chase & Co. from $115.00 to $110.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology retailer’s stock.

A number of other analysts have also issued reports on BBY. Jefferies Financial Group reduced their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday. Guggenheim reduced their price target 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. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. UBS Group reaffirmed a “buy” rating and set a $105.00 price objective (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Finally, Barclays cut their price objective on shares of 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 equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Stock Performance

NYSE:BBY opened at $79.66 on Wednesday. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $85.58 and a 200-day moving average of $90.39. The firm has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

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 net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the company posted $2.72 earnings per share. Analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 4.77%. Best Buy’s payout ratio is 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 that occurred 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 transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of BBY. Rakuten Securities Inc. grew its stake in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the 4th quarter worth about $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at about $32,000. Atlas Capital Advisors Inc. raised its holdings in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC increased its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Institutional investors 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.