Best Buy (NYSE:BBY) Price Target Lowered to $81.00 at Truist Financial

Best Buy (NYSE:BBY) had its price objective reduced by Truist Financial from $95.00 to $81.00 in a report released on Wednesday,Benzinga reports. They currently have a hold rating on the technology retailer’s stock.

Several other analysts also recently commented on BBY. JPMorgan Chase & Co. dropped their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday. DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday. Wedbush reiterated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Monday. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Loop Capital reiterated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Price Performance

Shares of BBY opened at $75.36 on Wednesday. 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 $16.11 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock’s 50-day moving average price is $85.97 and its two-hundred day moving average price is $90.51. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71.

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

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given 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 dividend yield of 5.04%. Best Buy’s payout ratio is 88.99%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s 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 sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc raised its holdings in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares during the period. Mariner LLC raised its stake in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after buying an additional 129 shares during the period. LRI Investments LLC lifted its position in shares of Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after buying an additional 141 shares during the last quarter. Rothschild Investment LLC boosted its stake in shares of Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares during the period. Finally, Independent Advisor Alliance raised its stake in Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after acquiring an additional 142 shares during the period. 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.