Wells Fargo & Company Cuts Best Buy (NYSE:BBY) Price Target to $89.00

Best Buy (NYSE:BBY) had its price objective cut by Wells Fargo & Company from $95.00 to $89.00 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the technology retailer’s stock.

Several other brokerages have also recently issued reports on BBY. Loop Capital cut their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays lifted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Evercore ISI upped their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Up 2.1 %

Shares of NYSE BBY opened at $90.05 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The company has a 50-day moving average price of $93.81 and a 200-day moving average price of $89.17. The stock has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.34 and a beta of 1.47. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. On average, equities research analysts forecast that Best Buy will post 6.19 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s payout ratio is presently 64.27%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. QRG Capital Management Inc. boosted its position in Best Buy by 10.5% during the third 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. GAMMA Investing LLC lifted its stake in shares of Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after buying an additional 898 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after acquiring an additional 18,171 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.