UBS Group Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target lowered by UBS Group from $123.00 to $115.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology retailer’s stock.

Several other equities analysts have also recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Citigroup lowered their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday. Truist Financial increased their price objective on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.82.

Best Buy Price Performance

Shares of NYSE BBY opened at $88.15 on Wednesday. The company has a fifty day moving average price of $94.16 and a 200 day moving average price of $89.07. The firm has a market cap of $18.93 billion, a PE ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 1-year low of $68.67 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. Research analysts predict that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Institutional Trading of Best Buy

Institutional investors have recently bought and sold shares of the business. Richardson Financial Services Inc. increased its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the period. Harbor Capital Advisors Inc. bought a new position in Best Buy during the 3rd quarter worth $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy during the 2nd quarter valued at $35,000. Finally, Brooklyn Investment Group bought a new position in shares of Best Buy in the third quarter worth $44,000. 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.