Best Buy (NYSE:BBY) Price Target Cut to $70.00 by Analysts at Evercore

Best Buy (NYSE:BBY) had its price target decreased by Evercore from $75.00 to $70.00 in a research report released on Tuesday,MarketScreener reports.

Several other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Best Buy from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $99.00 to $76.00 in a report on Monday, February 2nd. Wedbush reduced their price target on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Piper Sandler reissued a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. Finally, Citigroup boosted their price objective on shares of Best Buy from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $75.95.

Best Buy Stock Down 0.4%

NYSE BBY traded down $0.25 on Tuesday, reaching $63.95. 1,383,549 shares of the stock traded hands, compared to its average volume of 4,908,770. Best Buy has a 12 month low of $54.99 and a 12 month high of $84.99. The company has a market cap of $13.37 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.58 and a beta of 1.46. The company has a fifty day moving average price of $64.89 and a 200-day moving average price of $71.33. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a dividend yield of 6.0%. Best Buy’s payout ratio is currently 76.19%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the completion of the sale, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. Insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its stake in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new stake in Best Buy in the fourth quarter valued at about $174,685,000. Schroder Investment Management Group boosted its holdings in Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after acquiring an additional 1,030,544 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Best Buy by 293.6% during the fourth 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 during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.