JPMorgan Chase & Co. Lowers Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its price target lowered by JPMorgan Chase & Co. from $115.00 to $110.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology retailer’s stock.

Other equities analysts have also recently issued reports about the stock. Bank of America decreased 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 report on Wednesday. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. Guggenheim cut their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. Truist Financial decreased their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Price Performance

Best Buy stock 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 firm has a fifty day moving average of $85.97 and a 200-day moving average of $90.51. The firm has a market capitalization of $16.11 billion, a P/E ratio of 12.88, a PEG 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 posted 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 company had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $2.72 earnings per share. As a group, analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

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

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’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 transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.59% of the stock is owned by insiders.

Institutional Trading of Best Buy

Hedge funds have recently added to or reduced their stakes in the business. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC bought a new stake in shares of Best Buy during the fourth quarter valued at about $32,000. Atlas Capital Advisors Inc. raised its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC raised its stake in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 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.