Best Buy (NYSE:BBY) Downgraded by Barclays to “Equal Weight”

Barclays cut shares of Best Buy (NYSE:BBYGet Rating) from an overweight rating to an equal weight rating in a report released on Wednesday morning, Marketbeat reports. The brokerage currently has $80.00 target price on the technology retailer’s stock.

Other equities analysts also recently issued research reports about the company. Zacks Investment Research upgraded Best Buy from a sell rating to a hold rating and set a $76.00 target price for the company in a report on Monday, May 23rd. JPMorgan Chase & Co. decreased their target price on Best Buy from $134.00 to $107.00 and set a buy rating for the company in a report on Monday, February 28th. Truist Financial decreased their price objective on Best Buy to $83.00 and set a hold rating for the company in a report on Thursday, May 19th. Jefferies Financial Group increased their price objective on Best Buy from $137.00 to $140.00 and gave the stock a buy rating in a report on Friday, March 4th. Finally, StockNews.com upgraded Best Buy from a hold rating to a buy rating in a report on Thursday, May 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $94.88.

NYSE:BBY opened at $83.99 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99. The firm has a market cap of $18.90 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 0.86 and a beta of 1.42. The business has a 50 day moving average price of $90.35 and a 200-day moving average price of $99.20. Best Buy has a fifty-two week low of $69.07 and a fifty-two week high of $141.97.

Best Buy (NYSE:BBYGet Rating) last announced its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.04). The business had revenue of $10.65 billion for the quarter, compared to the consensus estimate of $10.43 billion. Best Buy had a net margin of 4.74% and a return on equity of 63.23%. Best Buy’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.23 EPS. Research analysts predict that Best Buy will post 8.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th will be given a dividend of $0.88 per share. The ex-dividend date is Monday, June 13th. This represents a $3.52 annualized dividend and a dividend yield of 4.19%. Best Buy’s dividend payout ratio (DPR) is presently 35.77%.

In other Best Buy news, insider Todd G. Hartman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 9th. The stock was sold at an average price of $101.73, for a total value of $203,460.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze bought 250,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was purchased at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the transaction, the chairman now directly owns 20,464,051 shares of the company’s stock, valued at approximately $1,628,938,459.60. The disclosure for this purchase can be found here. Insiders have sold 36,955 shares of company stock worth $3,662,097 over the last ninety days. 0.36% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in BBY. Center for Financial Planning Inc. boosted its position in Best Buy by 6.7% in the third quarter. Center for Financial Planning Inc. now owns 1,890 shares of the technology retailer’s stock worth $200,000 after purchasing an additional 118 shares during the last quarter. First Republic Investment Management Inc. boosted its position in Best Buy by 24.2% in the third quarter. First Republic Investment Management Inc. now owns 9,176 shares of the technology retailer’s stock worth $970,000 after purchasing an additional 1,788 shares during the last quarter. Bank of Nova Scotia boosted its position in Best Buy by 10.5% in the third quarter. Bank of Nova Scotia now owns 38,300 shares of the technology retailer’s stock worth $4,048,000 after purchasing an additional 3,638 shares during the last quarter. Vident Investment Advisory LLC boosted its position in Best Buy by 52.3% in the third quarter. Vident Investment Advisory LLC now owns 20,231 shares of the technology retailer’s stock worth $2,138,000 after purchasing an additional 6,948 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Best Buy by 6.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,418,405 shares of the technology retailer’s stock valued at $465,937,000 after buying an additional 257,611 shares in the last quarter. 80.79% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Analyst Recommendations for Best Buy (NYSE:BBY)

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