Best Buy (NYSE:BBY) Price Target Cut to $67.00 by Analysts at Citigroup

Best Buy (NYSE:BBY) had its target price decreased by Citigroup from $76.00 to $67.00 in a research report released on Tuesday morning, Benzinga reports. Citigroup currently has a sell rating on the technology retailer’s stock.

Several other research firms have also issued reports on BBY. Truist Financial boosted their target price on Best Buy from $68.00 to $87.00 and gave the stock a hold rating in a research report on Friday, March 1st. UBS Group lifted their target price on Best Buy from $82.00 to $85.00 and gave the stock a neutral rating in a report on Friday, March 1st. JPMorgan Chase & Co. raised Best Buy from a neutral rating to an overweight rating and boosted their target price for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. TheStreet raised Best Buy from a c rating to a b- rating in a research report on Thursday, February 29th. Finally, Barclays boosted their price target on Best Buy from $69.00 to $88.00 and gave the company an equal weight rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of Hold and a consensus price target of $84.00.

Best Buy Trading Down 1.8 %

Shares of BBY opened at $73.06 on Tuesday. The stock’s fifty day simple moving average is $77.75 and its 200-day simple moving average is $74.34. The firm has a market capitalization of $15.81 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50. Best Buy has a 12-month low of $62.30 and a 12-month high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $2.61 earnings per share. As a group, research analysts predict that Best Buy will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 5.15%. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

Insiders Place Their Bets

In other news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 over the last ninety days. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently modified their holdings of BBY. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC boosted its stake in shares of Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after buying an additional 134 shares during the period. Hartford Financial Management Inc. grew its position in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares in the last quarter. UMB Bank n.a. increased its stake in Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after acquiring an additional 148 shares during the period. Finally, PrairieView Partners LLC raised its holdings in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

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.