Best Buy (NYSE:BBY) Given New $89.00 Price Target at Barclays

Best Buy (NYSE:BBY) had its price objective decreased by Barclays from $95.00 to $89.00 in a research note published on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the technology retailer’s stock.

BBY has been the topic of a number of other reports. Wells Fargo & Company dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Telsey Advisory Group dropped their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. Citigroup cut their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Truist Financial reduced their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.72.

Best Buy Stock Performance

BBY opened at $84.26 on Thursday. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a market capitalization of $18.01 billion, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 2.19 and a beta of 1.43. The business has a 50 day moving average price of $88.13 and a two-hundred day moving average price of $90.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. Research analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.46%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently bought and sold shares of the business. Richardson Financial Services Inc. boosted its stake in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC boosted its position in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. Benjamin Edwards Inc. grew its holdings in Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 166 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Best Buy in the third quarter valued at approximately $44,000. 80.96% of the stock is currently 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.