Best Buy (NYSE:BBY) Given New $110.00 Price Target at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its price target cut by JPMorgan Chase & Co. from $115.00 to $110.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the technology retailer’s stock.

A number of other equities analysts have also recently weighed in on the stock. Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Guggenheim lowered their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday. Citigroup lowered their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Truist Financial lowered their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Stock Performance

Shares of BBY opened at $75.36 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market capitalization 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’s fifty day moving average is $85.97 and its two-hundred day moving average is $90.51. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the company posted $2.72 EPS. On average, sell-side 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 news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were 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 directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BBY. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new position in shares of Best Buy during the 4th quarter worth about $31,000. Golden State Wealth Management LLC purchased a new position in shares of Best Buy during the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. lifted its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC increased its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other 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.