Wells Fargo & Company Cuts Best Buy (NYSE:BBY) Price Target to $75.00

Best Buy (NYSE:BBY) had its target price cut by Wells Fargo & Company from $85.00 to $75.00 in a research note released on Monday,Benzinga reports. They currently have an equal weight rating on the technology retailer’s stock.

Several other analysts also recently issued reports on BBY. Bank of America cut their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Truist Financial cut their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Jefferies Financial Group lowered their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. DA Davidson reaffirmed a “buy” rating and set a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Finally, Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.72.

Best Buy Price Performance

Shares of Best Buy stock opened at $70.21 on Monday. The company’s 50-day moving average price is $67.86 and its two-hundred day moving average price is $79.94. 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 stock has a market cap of $14.86 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. Best Buy has a 52 week low of $54.99 and a 52 week high of $103.71.

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

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were paid a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.41%. Best Buy’s payout ratio is presently 88.99%.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry bought 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at $1,370,051.22. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in BBY. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the fourth quarter worth approximately $514,483,000. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter worth approximately $178,015,000. Pacer Advisors Inc. lifted its holdings in shares of Best Buy by 3,890.0% during the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock worth $75,353,000 after buying an additional 998,021 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after buying an additional 701,287 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Best Buy by 36.5% during the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock worth $181,357,000 after buying an additional 671,408 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.