Best Buy (NYSE:BBY) Price Target Lowered to $74.00 at Barclays

Best Buy (NYSE:BBY - Free Report) had its price target reduced by Barclays from $89.00 to $74.00 in a report issued on Friday morning,Benzinga reports. Barclays currently has an equal weight rating on the technology retailer's stock.

A number of other brokerages have also recently weighed in on BBY. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. UBS Group dropped their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday. 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. Citigroup reissued a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company dropped their price objective 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. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $86.11.

Best Buy Price Performance

Shares of BBY stock traded down $0.07 during midday trading on Friday, reaching $66.25. 6,438,698 shares of the company traded hands, compared to its average volume of 3,346,222. The firm's 50 day simple moving average is $67.25 and its two-hundred day simple moving average is $78.76. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $14.02 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same period last year, the firm earned $1.20 EPS. The company's revenue for the quarter was down .9% on a year-over-year basis. On average, equities research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

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

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares in the company, 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. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.47% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinnacle Bancorp Inc. lifted its holdings in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after acquiring an additional 178 shares in the last quarter. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the 4th quarter valued at $31,000. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the 4th quarter valued at $32,000. Finally, Atlas Capital Advisors Inc. lifted its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 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.