Truist Financial Cuts Best Buy (NYSE:BBY) Price Target to $95.00

Best Buy (NYSE:BBY) had its target price decreased by Truist Financial from $107.00 to $95.00 in a research note released on Wednesday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology retailer’s stock.

Several other equities research analysts have also recently issued reports on BBY. Citigroup cut their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company cut their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday. Loop Capital cut their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

NYSE:BBY opened at $90.00 on Wednesday. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a market cap of $19.33 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47. The company’s 50-day moving average price is $93.81 and its 200-day moving average price is $89.27. The company has a current ratio of 1.00, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 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 $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the business earned $1.22 earnings per share. Best Buy’s revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that Best Buy will post 6.19 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after acquiring an additional 235,478 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

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.