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

Best Buy (NYSE:BBY) had its price target trimmed by Citigroup from $115.00 to $109.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the technology retailer’s stock.

Other analysts also recently issued reports about the company. Loop Capital raised their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. The Goldman Sachs Group raised 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. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Evercore ISI raised their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. Finally, Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Stock Up 0.1 %

NYSE BBY opened at $89.30 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 12 month low of $62.92 and a 12 month high of $103.71. The stock’s 50 day moving average is $96.59 and its 200 day moving average is $87.75. The stock has a market cap of $19.18 billion, a PE ratio of 15.39, a P/E/G ratio of 2.33 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.22 earnings per share. Research analysts predict that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC boosted its position in Best Buy by 3.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 42,141 shares of the technology retailer’s stock valued at $3,457,000 after acquiring an additional 1,308 shares in the last quarter. Empirical Finance LLC grew its stake in Best Buy by 3.4% in the first quarter. Empirical Finance LLC now owns 7,112 shares of the technology retailer’s stock valued at $583,000 after purchasing an additional 232 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Best Buy by 24.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 67,101 shares of the technology retailer’s stock worth $5,504,000 after purchasing an additional 13,289 shares in the last quarter. SG Americas Securities LLC raised its holdings in Best Buy by 1,182.9% in the first quarter. SG Americas Securities LLC now owns 160,887 shares of the technology retailer’s stock worth $13,198,000 after purchasing an additional 148,346 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Best Buy by 35.3% during the first quarter. Illinois Municipal Retirement Fund now owns 120,620 shares of the technology retailer’s stock valued at $9,894,000 after buying an additional 31,480 shares during the last quarter. Hedge funds and other 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.