Telsey Advisory Group Lowers Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its price target reduced by Telsey Advisory Group from $115.00 to $110.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the technology retailer’s stock.

Several other equities research analysts have also recently commented on the company. DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Barclays lifted their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Loop Capital lifted their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wedbush lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $103.41.

Best Buy Price Performance

Shares of NYSE:BBY opened at $88.50 on Tuesday. Best Buy has a 12 month low of $68.12 and a 12 month high of $103.71. The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 2.34 and a beta of 1.47. The stock’s 50 day moving average price is $94.38 and its 200 day moving average price is $89.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently modified their holdings of BBY. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans lifted its stake in shares of Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Swedbank AB acquired a new position in Best Buy during the 1st quarter worth $43,522,000. Finally, AQR Capital Management LLC lifted its position in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares during the last quarter. Institutional investors and hedge funds 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.