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

Best Buy (NYSE:BBY) had its price target reduced by UBS Group from $95.00 to $90.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

Other research analysts have also issued reports about the stock. Evercore ISI reduced their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a research note on Friday. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Bank of America reduced their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $86.11.

Best Buy Trading Down 0.1%

NYSE:BBY opened at $66.25 on Friday. 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 capitalization of $14.02 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The firm’s 50 day moving average is $67.25 and its 200 day moving average is $78.76. Best Buy has a 12 month low of $54.99 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. During the same period in the previous year, the business earned $1.20 EPS. Best Buy’s revenue was down .9% compared to the same quarter last year. Sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.74%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Buying and Selling

In related news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at $1,370,051.22. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. grew its position in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 178 shares in the last quarter. Rakuten Securities Inc. lifted its stake in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the fourth quarter worth $31,000. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter worth $32,000. Finally, Atlas Capital Advisors Inc. lifted its stake in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during 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.