Best Buy (NYSE:BBY) Shares Down 0.4% on Analyst Downgrade

Best Buy Co., Inc. (NYSE:BBY)’s stock price dropped 0.4% during mid-day trading on Thursday after Truist Financial lowered their price target on the stock from $107.00 to $95.00. Truist Financial currently has a hold rating on the stock. Best Buy traded as low as $87.06 and last traded at $88.17. Approximately 4,011,994 shares were traded during mid-day trading, an increase of 31% from the average daily volume of 3,065,271 shares. The stock had previously closed at $88.48.

Several other research analysts have also recently issued reports on BBY. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Telsey Advisory Group dropped their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday. Citigroup lowered their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Loop Capital lowered their price objective on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.82.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of BBY. Ninety One UK Ltd purchased a new position in shares of Best Buy in the 2nd quarter worth approximately $121,325,000. Thrivent Financial for Lutherans boosted its holdings in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the period. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Swedbank AB purchased a new position in Best Buy during the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC boosted its holdings in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.4 %

The stock has a fifty day moving average of $94.16 and a 200-day moving average of $89.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The company has a market cap of $18.93 billion, a PE ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the business earned $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS 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 $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is 64.83%.

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.