Evercore ISI Cuts Best Buy (NYSE:BBY) Price Target to $80.00

Best Buy (NYSE:BBY - Free Report) had its price target lowered by Evercore ISI from $95.00 to $80.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an in-line rating on the technology retailer's stock.

BBY has been the subject of a number of other research reports. Wedbush restated a "neutral" rating and set a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Telsey Advisory Group cut their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday. Citigroup decreased their target price on Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, UBS Group reaffirmed a "buy" rating and issued a $105.00 price objective (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. One investment 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $93.50.

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Best Buy Stock Performance

NYSE BBY traded up $1.06 on Wednesday, hitting $79.66. 3,116,016 shares of the stock were exchanged, compared to its average volume of 2,963,150. 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 business's fifty day moving average is $85.58 and its 200 day moving average is $90.39. The company has a market capitalization of $17.03 billion, a PE ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping 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 company 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 EPS. Research analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 4.77%. Best Buy's dividend payout ratio is presently 88.99%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction 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 owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.59% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Rakuten Securities Inc. boosted its stake 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 purchasing an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy in the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. boosted its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after buying an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC grew 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 worth $32,000 after buying an additional 374 shares during 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.