Loop Capital Cuts Best Buy (NYSE:BBY) Price Target to $100.00

Best Buy (NYSE:BBY) had its target price cut by Loop Capital from $110.00 to $100.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other analysts have also commented on the stock. Wedbush lifted their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised their target price on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Finally, Citigroup decreased their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Stock Up 2.1 %

NYSE BBY opened at $90.05 on Wednesday. The stock has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00. The stock has a fifty day moving average of $93.81 and a 200-day moving average of $89.17.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the business posted $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy will post 6.19 EPS for the current 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 issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Institutional Trading of Best Buy

A number of institutional investors have recently modified their holdings of BBY. Park Avenue Securities LLC raised its position in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares during the last quarter. Greenleaf Trust raised its holdings in shares of Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after purchasing an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC lifted its position in shares of Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after purchasing an additional 118 shares in the last quarter. Tobam boosted its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC grew its position in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.