Shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) hit a new 52-week low during mid-day trading on Tuesday after Wedbush lowered their price target on the stock from $110.00 to $80.00. Wedbush currently has a na rating on the stock. Best Buy traded as low as $82.02 and last traded at $84.77, with a volume of 3022129 shares changing hands. The stock had previously closed at $86.36.
Several other research firms have also recently commented on BBY. Jefferies Financial Group boosted their price objective on shares of Best Buy from $137.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, March 4th. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Morgan Stanley dropped their target price on shares of Best Buy from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 18th. Bank of America dropped their target price on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating on the stock in a report on Monday, February 28th. Finally, Zacks Investment Research raised shares of Best Buy from a “sell” rating to a “hold” rating and set a $102.00 target price on the stock in a report on Wednesday, March 2nd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Buy” and a consensus target price of $115.47.
In other news, insider Todd G. Hartman sold 1,188 shares of the business’s stock in a transaction that occurred on Thursday, April 21st. The shares were sold at an average price of $95.72, for a total value of $113,715.36. Following the sale, the insider now owns 34,513 shares of the company’s stock, valued at $3,303,584.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,331 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total transaction of $230,908.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,955 shares of company stock worth $3,662,097. Insiders own 0.36% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Power Corp of Canada purchased a new stake in shares of Best Buy in the 1st quarter valued at $1,957,000. Wellington Management Group LLP raised its holdings in Best Buy by 136.5% in the 1st quarter. Wellington Management Group LLP now owns 15,651 shares of the technology retailer’s stock worth $1,423,000 after purchasing an additional 9,032 shares in the last quarter. Wetherby Asset Management Inc. raised its holdings in Best Buy by 16.8% in the 1st quarter. Wetherby Asset Management Inc. now owns 9,866 shares of the technology retailer’s stock worth $897,000 after purchasing an additional 1,418 shares in the last quarter. Quantitative Investment Management LLC bought a new position in shares of Best Buy in the 1st quarter worth about $1,166,000. Finally, Atria Wealth Solutions Inc. bought a new position in shares of Best Buy in the 1st quarter worth about $508,000. 80.79% of the stock is owned by institutional investors and hedge funds.
The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.40. The company’s 50 day moving average is $94.20 and its 200-day moving average is $102.20. The company has a market capitalization of $19.07 billion, a P/E ratio of 8.61, a price-to-earnings-growth ratio of 1.02 and a beta of 1.42.
Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings data on Thursday, March 3rd. The technology retailer reported $2.73 EPS for the quarter, meeting the consensus estimate of $2.73. Best Buy had a net margin of 4.74% and a return on equity of 63.23%. The company had revenue of $16.37 billion for the quarter, compared to the consensus estimate of $16.54 billion. During the same period in the prior year, the firm posted $3.48 EPS. Best Buy’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts predict that Best Buy Co., Inc. will post 8.95 EPS for the current fiscal year
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 24th were issued a $0.88 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Wednesday, March 23rd. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.15%. Best Buy’s dividend payout ratio (DPR) is presently 35.77%.
Best Buy Company Profile (NYSE:BBY)
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
