Best Buy (NYSE:BBY) Given Neutral Rating at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Best Buy (NYSE:BBY) in a research note published on Monday morning, Marketbeat.com reports. Piper Sandler currently has a $75.00 price objective on the technology retailer’s stock, down from their previous price objective of $82.00.

A number of other equities research analysts have also issued reports on the company. Citigroup reiterated a “neutral” rating and issued a $70.00 target price (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. UBS Group lowered their target price on Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Barclays lowered their target price on Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. Wells Fargo & Company lowered their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average price target of $85.72.

Best Buy Trading Down 1.1%

Shares of NYSE:BBY opened at $71.00 on Monday. Best Buy has a 1 year low of $54.99 and a 1 year high of $103.71. The firm has a market capitalization of $15.00 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The business’s 50 day moving average price is $70.46 and its 200-day moving average price is $74.90.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. On average, equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.35%. Best Buy’s payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock valued at $289,051,000 after purchasing an additional 234,669 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Best Buy by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer’s stock valued at $240,173,000 after purchasing an additional 105,710 shares during the last quarter. Institutional investors 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.