Guggenheim Cuts Best Buy (NYSE:BBY) Price Target to $90.00

Best Buy (NYSE:BBY) had its price objective trimmed by Guggenheim from $105.00 to $90.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology retailer’s stock.

Several other research firms also recently weighed in on BBY. Wedbush restated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday. Loop Capital restated a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Morgan Stanley reduced their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday. UBS Group reissued a “buy” rating and issued a $105.00 price objective (down from $115.00) on shares of Best Buy in a research note on Friday, February 28th. Finally, Telsey Advisory Group cut their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Trading Up 0.2 %

Shares of Best Buy stock opened at $75.36 on Wednesday. The firm has a 50-day simple moving average of $85.97 and a two-hundred day simple moving average of $90.51. The company has a market cap of $16.11 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the company posted $2.72 EPS. As a group, equities analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.04%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is currently 88.99%.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Best Buy during the 4th quarter worth approximately $514,483,000. Geode Capital Management LLC grew its holdings in Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after acquiring an additional 459,353 shares in the last quarter. Institutional investors and hedge funds 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.