Citigroup Lowers Best Buy (NYSE:BBY) Price Target to $109.00

Best Buy (NYSE:BBY) had its price objective cut by Citigroup from $115.00 to $109.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other research firms have also recently issued reports on BBY. Loop Capital boosted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company lifted their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Barclays upped their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Evercore ISI boosted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Finally, Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Up 0.1 %

Shares of NYSE:BBY opened at $89.30 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market capitalization of $19.18 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.47. The firm has a fifty day moving average of $96.59 and a 200 day moving average of $87.75. Best Buy has a 52-week low of $62.92 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the firm earned $1.22 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.21%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the company. Richardson Financial Services Inc. lifted its position in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the third quarter valued at $40,000. Innealta Capital LLC purchased a new stake in shares of Best Buy during the second quarter valued at $35,000. Whittier Trust Co. increased its holdings in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its position in Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the last quarter. Hedge funds and other 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.