Best Buy (NYSE:BBY) Price Target Lowered to $92.00 at Jefferies Financial Group

Best Buy (NYSE:BBY) had its price target cut by Jefferies Financial Group from $106.00 to $92.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

Several other analysts have also recently commented on BBY. Citigroup decreased their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. UBS Group reiterated a “buy” rating on shares of Best Buy in a research note on Friday. Finally, Wedbush reiterated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $101.33.

Best Buy Stock Down 13.1 %

NYSE:BBY opened at $75.40 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company’s 50 day moving average is $86.20 and its two-hundred day moving average is $90.62. The company has a market cap of $16.12 billion, a PE ratio of 12.89, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the business posted $2.72 EPS. Analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.04%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is presently 64.27%.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently modified their holdings of BBY. Raymond James Financial Inc. purchased a new stake in shares of Best Buy during the fourth quarter worth $514,483,000. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter worth $178,015,000. Northern Trust Corp grew its holdings in shares of Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after buying an additional 701,287 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after buying an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after buying an additional 561,413 shares in the last quarter. Hedge funds and other 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.