Best Buy (NYSE:BBY) Given New $80.00 Price Target at Evercore ISI

Best Buy (NYSE:BBY) had its price objective reduced by Evercore ISI from $95.00 to $80.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an in-line rating on the technology retailer’s stock.

BBY has been the topic of a number of other reports. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. Guggenheim decreased their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday. Finally, Citigroup decreased their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Up 0.2 %

Shares of NYSE:BBY opened at $75.36 on Wednesday. The company has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. The firm’s 50-day simple moving average is $85.97 and its 200-day simple moving average is $90.51. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 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 $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the previous year, the business earned $2.72 earnings per share. As a group, equities research analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.04%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after acquiring an additional 395,415 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Best Buy during the 4th quarter worth about $514,483,000. Geode Capital Management LLC lifted its holdings in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after acquiring an additional 239,840 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after acquiring an additional 459,353 shares during the period. 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.