Jefferies Financial Group Cuts Best Buy (NYSE:BBY) Price Target to $92.00

Best Buy (NYSE:BBY) had its price target trimmed by Jefferies Financial Group from $106.00 to $92.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the technology retailer’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group reaffirmed a “buy” rating and set a $105.00 target price (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Guggenheim cut their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $110.00 target price on shares of Best Buy in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Up 4.1 %

Shares of NYSE:BBY opened at $78.60 on Tuesday. The business’s 50 day simple moving average is $85.75 and its two-hundred day simple moving average is $90.43. The firm has a market cap of $16.80 billion, a P/E ratio of 13.44, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company earned $2.72 earnings per share. As a group, research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal 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 paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 4.83%. Best Buy’s payout ratio is presently 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s 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 sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several hedge funds have recently made changes to their positions in BBY. Rakuten Securities Inc. raised its stake 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 valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at $31,000. Golden State Wealth Management LLC bought a new stake in shares of Best Buy during the 4th quarter valued at $32,000. Atlas Capital Advisors Inc. raised its stake 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 valued at $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC raised its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the period. 80.96% of the stock is currently owned by institutional investors.

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.