Best Buy (NYSE:BBY) Given New $85.00 Price Target at Wells Fargo & Company

Best Buy (NYSE:BBY) had its price objective cut by Wells Fargo & Company from $89.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an equal weight rating on the technology retailer’s stock.

Several other equities research analysts also recently issued reports on the company. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. DA Davidson decreased their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday. UBS Group reissued a “buy” rating and issued a $105.00 price target (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. Finally, Truist Financial reduced their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Stock Performance

Shares of BBY stock opened at $75.36 on Wednesday. The stock has a market cap of $16.11 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a fifty day moving average price of $85.97 and a two-hundred day moving average price of $90.51. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the business posted $2.72 EPS. As a group, equities analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several large investors have recently bought and sold shares of BBY. Siemens Fonds Invest GmbH lifted its holdings in shares of Best Buy by 254.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock worth $1,317,000 after acquiring an additional 11,024 shares during the last quarter. GHE LLC increased its position in Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock worth $1,644,000 after purchasing an additional 788 shares in the last quarter. Total Wealth Planning & Management Inc. bought a new position in Best Buy in the 4th quarter valued at approximately $731,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Best Buy during the fourth quarter worth $29,090,000. Finally, Brooklyn FI LLC acquired a new position in shares of Best Buy during the fourth quarter worth $315,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.