Best Buy (NYSE:BBY) Given New $92.00 Price Target at Jefferies Financial Group

Best Buy (NYSE:BBY) had its price objective cut by Jefferies Financial Group from $106.00 to $92.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

BBY has been the subject of several other reports. Loop Capital restated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Barclays cut their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Citigroup cut their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. UBS Group reiterated a “buy” rating and issued a $105.00 price objective (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $110.00 price objective on shares of Best Buy in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Price Performance

Best Buy stock opened at $78.60 on Tuesday. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71. The business has a 50-day simple moving average of $85.75 and a 200 day simple moving average of $90.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market cap of $16.80 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the business earned $2.72 earnings per share. On average, research analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 4.83%. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.59% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Rakuten Securities Inc. raised its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy during the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in Best Buy during the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. raised its position in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC raised its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 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.