Wells Fargo & Company Lowers Best Buy (NYSE:BBY) Price Target to $89.00

Best Buy (NYSE:BBY) had its target price lowered by Wells Fargo & Company from $95.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the technology retailer’s stock.

A number of other research firms have also recently weighed in on BBY. Citigroup reduced 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 report on Wednesday. Wedbush upped their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Loop Capital reduced their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Performance

Shares of NYSE BBY opened at $88.15 on Wednesday. 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 company’s fifty day moving average price is $94.16 and its 200 day moving average price is $89.07. The company has a market capitalization of $18.93 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy has a 1 year low of $68.67 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. On average, research analysts predict that Best Buy will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.27%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is currently 64.83%.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares during the last quarter. Geode Capital Management LLC boosted its stake in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after buying an additional 120,185 shares during the period. Raymond James & Associates boosted its stake in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the period. Dimensional Fund Advisors LP boosted its stake in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the period. 80.96% of the stock is currently 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.