Morgan Stanley Cuts Best Buy (NYSE:BBY) Price Target to $100.00

Best Buy (NYSE:BBY) had its price target lowered by Morgan Stanley from $105.00 to $100.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology retailer’s stock.

Several other brokerages have also recently weighed in on BBY. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Barclays decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Citigroup decreased their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Wells Fargo & Company decreased 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 report on Wednesday, November 27th. Finally, Truist Financial reduced their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Stock Up 2.0 %

Shares of BBY stock opened at $85.58 on Tuesday. The firm has a fifty day moving average of $86.77 and a 200-day moving average of $90.17. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market capitalization of $18.30 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 2.12 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS. As a group, equities research analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the 3rd quarter worth about $40,000. LRI Investments LLC grew its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares during the period. Trust Co. of Vermont grew its stake in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares during the period. Brooklyn Investment Group bought a new stake in shares of Best Buy during the 3rd quarter valued at about $44,000. Finally, Abich Financial Wealth Management LLC grew its stake in shares of Best Buy by 959.6% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock valued at $57,000 after purchasing an additional 499 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.