Best Buy (NYSE:BBY) Price Target Lowered to $89.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its price target decreased by Wells Fargo & Company from $95.00 to $89.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology retailer’s stock.

A number of other research analysts also recently issued reports on the company. Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. DA Davidson reissued a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Finally, Wedbush raised their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Trading Down 0.4 %

Shares of NYSE:BBY opened at $88.15 on Wednesday. Best Buy has a 12-month low of $68.67 and a 12-month high of $103.71. The business’s fifty day simple moving average is $94.16 and its 200-day simple moving average is $89.07. The company has a market capitalization of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the business posted $1.22 EPS. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, equities research analysts predict that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the period. Raymond James & Associates boosted its holdings in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.