Best Buy (NYSE:BBY) Price Target Lowered to $115.00 at UBS Group

Best Buy (NYSE:BBY) had its price objective trimmed by UBS Group from $123.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the technology retailer’s stock.

Several other analysts have also commented on the company. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. The Goldman Sachs Group increased their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Telsey Advisory Group dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Trading Down 0.4 %

Shares of Best Buy stock opened at $88.15 on Wednesday. Best Buy has a 52-week low of $68.67 and a 52-week high of $103.71. The firm has a market capitalization of $18.93 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company’s fifty day moving average price is $94.16 and its two-hundred day moving average price is $89.07.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the company earned $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts expect that Best Buy will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Investors Weigh In On Best Buy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its holdings in Best Buy by 36.5% during the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after buying an additional 201,562 shares during the last quarter. Tidal Investments LLC raised its position in shares of Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after acquiring an additional 4,370 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Best Buy during the 3rd quarter worth approximately $247,000. World Investment Advisors LLC acquired a new position in Best Buy during the third quarter valued at approximately $5,234,000. Finally, TCW Group Inc. increased its stake in Best Buy by 156.6% in the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares in 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.