Best Buy (NYSE:BBY) Given New $101.00 Price Target at Citigroup

Best Buy (NYSE:BBY) had its target price reduced by Citigroup from $109.00 to $101.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

BBY has been the topic of several other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Wedbush boosted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Trading Down 0.4 %

Shares of BBY opened at $88.15 on Wednesday. The firm’s 50-day moving average price is $94.16 and its 200-day moving average price is $89.07. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 1-year low of $68.67 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts anticipate that Best Buy will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. Best Buy’s payout ratio is 64.83%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Park Avenue Securities LLC increased its holdings in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares during the last quarter. Greenleaf Trust increased its holdings in Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after buying an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC increased its holdings in Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after buying an additional 118 shares during the last quarter. Tobam increased its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC increased its holdings in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after buying an additional 124 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.