Best Buy (NYSE:BBY) Price Target Cut to $95.00 by Analysts at Truist Financial

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

Other analysts have also recently issued reports about the stock. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Telsey Advisory Group cut their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday. Wedbush raised their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Stock Performance

Shares of Best Buy stock opened at $88.15 on Wednesday. Best Buy has a one year low of $68.67 and a one year high of $103.71. The company has a market capitalization of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The company has a 50-day simple moving average of $94.16 and a two-hundred day simple moving average of $89.07.

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

Best Buy Announces Dividend

The company also recently announced 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 (DPR) is presently 64.83%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. raised its position in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the 3rd quarter valued at about $40,000. LRI Investments LLC lifted its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $35,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Best Buy in the third quarter valued at approximately $44,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.