Daiwa Securities Group Cuts Best Buy (NYSE:BBY) Price Target to $68.00

Best Buy (NYSE:BBY) had its target price reduced by Daiwa Securities Group from $80.00 to $68.00 in a research report report published on Thursday morning,MarketScreener reports. Daiwa Securities Group currently has a neutral rating on the technology retailer’s stock.

Several other equities analysts have also weighed in on the stock. Piper Sandler restated a “buy” rating on shares of Best Buy in a research report on Wednesday. Wedbush lowered their price objective on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 24th. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. downgraded shares of Best Buy from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $99.00 to $76.00 in a research report on Monday, February 2nd. Finally, Evercore restated a “buy” rating and set a $75.00 price target on shares of Best Buy in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $76.20.

Best Buy Stock Performance

Shares of BBY opened at $66.48 on Thursday. The stock has a 50 day moving average of $66.63 and a 200 day moving average of $72.76. The company has a market capitalization of $13.90 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.65 and a beta of 1.46. Best Buy has a 12 month low of $54.99 and a 12 month high of $84.99. The company has a current ratio of 1.11, a quick ratio of 0.26 and a debt-to-equity ratio of 0.39.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.8%. Best Buy’s dividend payout ratio (DPR) is presently 75.40%.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. increased its stake in Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the last quarter. Torren Management LLC bought a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the third quarter worth about $25,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy during the fourth quarter worth about $29,000. 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.