Best Buy (NYSE:BBY) PT Lowered to $67.00 at Citigroup

Best Buy (NYSE:BBY) had its target price reduced by Citigroup from $76.00 to $67.00 in a research report report published on Tuesday morning, Benzinga reports. Citigroup currently has a sell rating on the technology retailer’s stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley upped their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an equal weight rating in a research note on Friday, March 1st. Truist Financial increased their price objective on Best Buy from $68.00 to $87.00 and gave the stock a hold rating in a report on Friday, March 1st. Wedbush lifted their target price on Best Buy from $75.00 to $85.00 and gave the company a neutral rating in a report on Friday, March 1st. UBS Group increased their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a neutral rating in a report on Friday, March 1st. Finally, Jefferies Financial Group reduced their price objective on shares of Best Buy from $95.00 to $94.00 and set a buy rating for the company in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Best Buy has a consensus rating of Hold and a consensus target price of $84.00.

Best Buy Stock Performance

Shares of Best Buy stock opened at $73.06 on Tuesday. The business’s fifty day simple moving average is $77.75 and its 200 day simple moving average is $74.34. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. Best Buy has a 12 month low of $62.30 and a 12 month high of $86.11. The firm has a market capitalization of $15.81 billion, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.61 earnings per share. As a group, analysts anticipate that Best Buy will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.15%. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,023 shares of company stock worth $4,253,900. 0.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Qsemble Capital Management LP purchased a new position in shares of Best Buy during the 1st quarter worth approximately $3,422,000. Meeder Asset Management Inc. bought a new position in Best Buy in the first quarter worth $530,000. Stonebrook Private Inc. lifted its position in Best Buy by 11.4% during the first quarter. Stonebrook Private Inc. now owns 18,481 shares of the technology retailer’s stock valued at $1,516,000 after buying an additional 1,891 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Best Buy by 35.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 120,620 shares of the technology retailer’s stock valued at $9,894,000 after buying an additional 31,480 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Best Buy by 1,182.9% in the 1st quarter. SG Americas Securities LLC now owns 160,887 shares of the technology retailer’s stock worth $13,198,000 after buying an additional 148,346 shares during the period. 80.96% of the stock is owned by institutional investors.

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.