Best Buy (NYSE:BBY) Price Target Cut to $89.00 by Analysts at Jefferies Financial Group

Best Buy (NYSE:BBY) had its target price reduced by Jefferies Financial Group from $94.00 to $89.00 in a report released on Monday,MarketScreener reports. Jefferies Financial Group currently has a buy rating on the technology retailer’s stock.

Several other equities analysts have also commented on the company. Truist Financial decreased their price target on Best Buy from $77.00 to $73.00 and set a “hold” rating on the stock in a research note on Friday, January 16th. Piper Sandler upped their target price on shares of Best Buy from $75.00 to $76.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Wedbush reiterated a “neutral” rating and set a $75.00 price target on shares of Best Buy in a research report on Thursday, November 20th. The Goldman Sachs Group decreased their price objective 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, JPMorgan Chase & Co. downgraded shares of Best Buy from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $99.00 to $76.00 in a report on Monday, February 2nd. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $80.80.

Best Buy Trading Down 4.7%

Shares of BBY opened at $67.12 on Monday. The company has a current ratio of 1.05, a quick ratio of 0.26 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average price of $69.47 and a 200 day moving average price of $73.28. Best Buy has a 12-month low of $54.99 and a 12-month high of $91.68. The firm has a market capitalization of $14.06 billion, a P/E ratio of 22.23, a P/E/G ratio of 1.68 and a beta of 1.44.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 16th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Tuesday, December 16th. Best Buy’s dividend payout ratio (DPR) is currently 125.83%.

Institutional Trading of Best Buy

Hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its holdings in Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the period. Torren Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the third quarter worth approximately $25,000. Quest 10 Wealth Builders Inc. raised its holdings in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares in the last quarter. Finally, Activest Wealth Management lifted its stake in Best Buy by 1,247.1% in the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 424 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.