Best Buy (NYSE:BBY) Downgraded to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Best Buy (NYSE:BBY) from an overweight rating to a neutral rating in a report released on Monday morning, MarketBeat Ratings reports. They currently have $76.00 target price on the technology retailer’s stock, down from their prior target price of $99.00.

A number of other brokerages have also recently commented on BBY. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday, November 26th. Wedbush reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Best Buy in a research note on Thursday, November 20th. Daiwa Capital Markets upped their price target on shares of Best Buy from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 28th. The Goldman Sachs Group cut their price target on shares of Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Jefferies Financial Group lowered 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 Tuesday, November 25th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $82.16.

Best Buy Price Performance

Shares of NYSE:BBY opened at $65.86 on Monday. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a market cap of $13.80 billion, a PE ratio of 21.81, a PEG ratio of 1.65 and a beta of 1.41. The company’s fifty day moving average is $70.64 and its 200 day moving average is $73.26. Best Buy has a 52 week low of $54.99 and a 52 week high of $91.68.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.09. The business had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The company’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Research analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 16th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Tuesday, December 16th. Best Buy’s payout ratio is presently 125.83%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BBY. AQR Capital Management LLC lifted its position in Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after buying an additional 3,496,254 shares during the period. Norges Bank purchased a new stake in shares of Best Buy in the 2nd quarter worth about $171,851,000. KBC Group NV increased its stake in shares of Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after acquiring an additional 785,294 shares in the last quarter. Pacer Advisors Inc. lifted its position in Best Buy by 61.9% during the 3rd quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock valued at $151,156,000 after acquiring an additional 764,064 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Best Buy during the third quarter worth about $55,475,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.