Best Buy (NYSE:BBY) Price Target Cut to $110.00 by Analysts at DA Davidson

Best Buy (NYSE:BBY) had its target price decreased by DA Davidson from $117.00 to $110.00 in a report issued on Wednesday,Benzinga reports. DA Davidson currently has a buy rating on the technology retailer’s stock.

Other equities research analysts also recently issued reports about the company. Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday. Piper Sandler decreased their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday. Evercore ISI dropped their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Best Buy in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Price Performance

BBY opened at $75.36 on Wednesday. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a 50 day moving average of $85.97 and a two-hundred day moving average of $90.51. The company has a market cap of $16.11 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the company earned $2.72 EPS. On average, analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.04%. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 3rd quarter worth about $40,000. National Pension Service increased its stake in shares of Best Buy by 18.1% in the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock valued at $41,062,000 after purchasing an additional 60,880 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after buying an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC bought a new position in Best Buy in the 3rd quarter worth approximately $817,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.