Best Buy (NYSE:BBY) Price Target Cut to $80.00 by Analysts at Loop Capital

Best Buy (NYSE:BBY) had its price target decreased by Loop Capital from $90.00 to $80.00 in a report published on Friday,Benzinga reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Several other research analysts have also recently weighed in on the stock. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Piper Sandler dropped their price target on shares of Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a research note on Friday. Citigroup reiterated a “neutral” rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. DA Davidson reiterated a “buy” rating and set a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Finally, Evercore ISI dropped their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $86.11.

Best Buy Trading Down 0.1%

Shares of BBY stock opened at $66.25 on Friday. Best Buy has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $67.25 and its 200 day moving average is $78.93. The stock has a market capitalization of $14.02 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter last year, the company posted $1.20 earnings per share. The firm’s quarterly revenue was down .9% on a year-over-year basis. Research analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.74%. The ex-dividend date is Wednesday, June 18th. Best Buy’s payout ratio is currently 88.99%.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

A number of large investors have recently made changes to their positions in BBY. Vanguard Group Inc. boosted its stake in shares of Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock worth $512,986,000 after purchasing an additional 408,605 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Best Buy during the 4th quarter worth about $514,483,000. Geode Capital Management LLC boosted its stake in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after purchasing an additional 239,840 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Best Buy by 6.4% during the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock worth $289,051,000 after purchasing an additional 234,669 shares during the period. 80.96% of the stock is currently owned by institutional investors.

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.