Best Buy (NYSE:BBY) Price Target Lowered to $105.00 at Guggenheim

Best Buy (NYSE:BBY) had its target price cut by Guggenheim from $110.00 to $105.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

BBY has been the topic of several other research reports. The Goldman Sachs Group lifted their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Bank of America increased their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Up 2.1 %

Shares of NYSE:BBY opened at $90.05 on Friday. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47. The business’s 50 day moving average is $93.81 and its 200 day moving average is $89.17. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the business posted $1.22 EPS. The business’s revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that Best Buy will post 6.19 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.27%.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in Best Buy by 25.3% in the 1st quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after purchasing an additional 3,044 shares during the period. Comerica Bank boosted its stake in Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after buying an additional 298 shares during the period. iA Global Asset Management Inc. grew its position in Best Buy by 761.4% during the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock worth $430,000 after buying an additional 4,637 shares in the last quarter. PGGM Investments bought a new position in Best Buy in the 1st quarter worth about $174,000. Finally, Cetera Investment Advisers raised its holdings in shares of Best Buy by 155.0% in the 1st quarter. Cetera Investment Advisers now owns 54,480 shares of the technology retailer’s stock valued at $4,469,000 after acquiring an additional 33,115 shares in the last quarter. 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.