BNP Paribas Exane Cuts Best Buy (NYSE:BBY) Price Target to $68.00

Best Buy (NYSE:BBY) had its target price reduced by BNP Paribas Exane from $69.00 to $68.00 in a research report report published on Wednesday morning,MarketScreener reports. BNP Paribas Exane currently has a neutral rating on the technology retailer’s stock.

Several other brokerages have also issued reports on BBY. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, October 8th. Wall Street Zen lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Sunday, November 9th. Argus reiterated a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Finally, Bank of America decreased their price objective on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a report on Friday, August 29th. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $84.28.

Best Buy Stock Performance

Shares of BBY opened at $79.40 on Wednesday. The stock has a 50 day moving average of $77.97 and a 200 day moving average of $73.41. The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 2.21 and a beta of 1.25. Best Buy has a 12 month low of $54.99 and a 12 month high of $91.72. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.67 billion during the quarter, compared to the consensus estimate of $9.57 billion. During the same quarter in the prior year, the company earned $1.26 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, December 16th. Best Buy’s dividend payout ratio is currently 125.83%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the sale, the chairman directly owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the transaction, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,733,111 shares of company stock worth $141,293,157 over the last quarter. Corporate insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently added to or reduced their stakes in BBY. IFM Investors Pty Ltd grew its position in shares of Best Buy by 6.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock worth $3,284,000 after buying an additional 3,040 shares during the period. Alberta Investment Management Corp lifted its position in Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock valued at $2,422,000 after acquiring an additional 6,700 shares during the period. Focus Partners Advisor Solutions LLC boosted its stake in Best Buy by 191.9% during the first quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock worth $789,000 after acquiring an additional 7,043 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Best Buy during the first quarter worth about $370,000. Finally, Conning Inc. grew its holdings in Best Buy by 5.4% in the second quarter. Conning Inc. now owns 479,055 shares of the technology retailer’s stock worth $32,159,000 after purchasing an additional 24,741 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.