Piper Sandler Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective cut by Piper Sandler from $92.00 to $82.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the technology retailer’s stock.

BBY has been the subject of several other research reports. Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company cut their target price on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a research note on Friday. DA Davidson reissued a “buy” rating and issued a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday. Finally, Evercore ISI dropped their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $86.11.

Best Buy Trading Down 0.1%

Shares of BBY stock opened at $66.25 on Friday. The firm has a 50-day moving average price of $67.25 and a 200 day moving average price of $78.93. Best Buy has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a market capitalization of $14.02 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 2.10 and a beta of 1.27. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Research analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Buying and Selling

In related news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently bought and sold shares of the business. IFP Advisors Inc grew its position in Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after acquiring an additional 125 shares in the last quarter. Mariner LLC lifted its position in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC boosted its stake in shares of Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after purchasing an additional 141 shares during the period. Rothschild Investment LLC grew its holdings in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance grew its holdings in Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares in 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.