Loop Capital Cuts Best Buy (NYSE:BBY) Price Target to $90.00

Best Buy (NYSE:BBY - Free Report) had its price target lowered by Loop Capital from $100.00 to $90.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology retailer's stock.

A number of other research firms also recently issued reports on BBY. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Bank of America dropped their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research report on Wednesday. Truist Financial dropped their price objective on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research report on Wednesday. Finally, Evercore ISI cut their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $93.50.

Remove Ads

Best Buy Stock Up 1.3 %

NYSE BBY traded up $1.06 on Wednesday, reaching $79.66. 3,116,016 shares of the stock traded hands, compared to its average volume of 2,963,150. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. The company has a fifty day moving average price of $85.58 and a 200-day moving average price of $90.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data 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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the previous year, the company posted $2.72 earnings per share. As a group, research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. 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 dividend on an annualized basis and a yield of 4.77%. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.59% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. QRG Capital Management Inc. grew its position in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock worth $3,279,000 after purchasing an additional 3,025 shares during the period. Asset Management One Co. Ltd. grew its holdings in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock worth $9,332,000 after acquiring an additional 19,405 shares during the period. Pinnacle Financial Partners Inc purchased a new position in Best Buy during the fourth quarter valued at approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its holdings in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer's stock valued at $2,265,000 after acquiring an additional 8,640 shares during the period. Finally, Alberta Investment Management Corp boosted its position in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after purchasing an additional 21,200 shares in the last quarter. 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.