Truist Financial Cuts Best Buy (NYSE:BBY) Price Target to $73.00

Best Buy (NYSE:BBY) had its price objective lowered by Truist Financial from $77.00 to $73.00 in a research note released on Friday morning, Marketbeat reports. The brokerage currently has a hold rating on the technology retailer’s stock.

Several other analysts have also issued reports on the stock. Loop Capital boosted their price objective on shares of Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Citigroup upped their price objective on shares of Best Buy from $73.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Barclays dropped their target price on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Jefferies Financial Group decreased their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Tuesday, November 25th. Finally, Morgan Stanley lowered their price target on Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $83.37.

Best Buy Stock Down 0.7%

BBY stock opened at $67.67 on Friday. The firm has a market cap of $14.18 billion, a PE ratio of 22.41, a PEG ratio of 1.72 and a beta of 1.41. Best Buy has a one year low of $54.99 and a one year high of $91.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The firm’s 50 day moving average price is $72.77 and its 200-day moving average price is $73.62.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. During the same quarter last year, the firm earned $1.26 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, equities research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 16th were paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Tuesday, December 16th. Best Buy’s dividend payout ratio (DPR) is presently 125.83%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 374,164 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $83.24, for a total transaction of $31,145,411.36. Following the completion of the transaction, the chairman directly owned 11,786,904 shares of the company’s stock, valued at $981,141,888.96. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 1,034,993 shares of company stock valued at $86,211,855 in the last ninety days. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. IFM Investors Pty Ltd increased its position in Best Buy by 6.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock worth $3,284,000 after purchasing an additional 3,040 shares during the period. CWM LLC lifted its holdings in shares of Best Buy by 272.6% in the 3rd quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock valued at $13,902,000 after buying an additional 134,508 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Best Buy by 46.2% in the third quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock valued at $10,760,000 after buying an additional 44,989 shares in the last quarter. Conning Inc. grew its holdings in Best Buy by 5.4% during the second quarter. Conning Inc. now owns 479,055 shares of the technology retailer’s stock worth $32,159,000 after acquiring an additional 24,741 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Best Buy by 155.9% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock worth $11,903,000 after acquiring an additional 95,900 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.