Best Buy (NYSE:BBY) Given New $100.00 Price Target at Telsey Advisory Group

Best Buy (NYSE:BBY) had its price target cut by Telsey Advisory Group from $110.00 to $100.00 in a research report report published on Wednesday, MarketBeat.com reports. They currently have an outperform rating on the technology retailer’s stock.

A number of other research firms also recently issued reports on BBY. Barclays reduced their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Morgan Stanley reissued an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. Wedbush reissued a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday. Truist Financial reduced their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Performance

NYSE:BBY opened at $75.36 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market capitalization of $16.11 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. The company’s 50-day moving average is $85.97 and its two-hundred day moving average 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 posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate 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 period in the previous year, the business posted $2.72 EPS. Analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

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

Insider Activity

In other 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 value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Rakuten Securities Inc. boosted its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy during the 4th quarter worth $32,000. Atlas Capital Advisors Inc. boosted its stake in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the period. Institutional investors and hedge funds 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.