Best Buy (NYSE:BBY) Shares Down 0.4% on Analyst Downgrade

Best Buy Co., Inc. (NYSE:BBY) shares traded down 0.4% on Thursday after Truist Financial lowered their price target on the stock from $107.00 to $95.00. Truist Financial currently has a hold rating on the stock. Best Buy traded as low as $87.06 and last traded at $88.17. 4,011,994 shares traded hands during trading, an increase of 31% from the average session volume of 3,065,271 shares. The stock had previously closed at $88.48.

Other research analysts have also recently issued reports about the stock. Evercore ISI upped their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Barclays upped their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Loop Capital cut their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

Hedge Funds Weigh In On Best Buy

Institutional investors have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. raised its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Innealta Capital LLC bought a new position in Best Buy in the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter worth $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Whittier Trust Co. raised its holdings in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

The business has a fifty day simple moving average of $94.16 and a 200-day simple moving average of $89.07. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.93 billion, a P/E ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.