Best Buy (NYSE:BBY) Given New $90.00 Price Target at Guggenheim

Best Buy (NYSE:BBY) had its target price trimmed by Guggenheim from $105.00 to $90.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology retailer’s stock.

Other research analysts have also recently issued reports about the stock. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday. Wedbush reiterated a “neutral” rating and set a $90.00 target price on shares of Best Buy in a report on Monday. Telsey Advisory Group dropped their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday. Jefferies Financial Group dropped their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Citigroup dropped their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Trading Up 0.2 %

NYSE BBY opened at $75.36 on Wednesday. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The stock has a market cap of $16.11 billion, a PE ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. The company’s 50-day moving average price is $85.97 and its 200-day moving average price is $90.51. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the firm earned $2.72 earnings per share. Equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.04%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the third quarter valued at $40,000. National Pension Service lifted its position in Best Buy by 18.1% during the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock valued at $41,062,000 after purchasing an additional 60,880 shares during the period. Asset Management One Co. Ltd. lifted its position in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. QRG Capital Management Inc. lifted its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC acquired a new position in Best Buy in the third quarter valued at approximately $817,000. Institutional investors and hedge funds 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.