Barclays Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

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

A number of other analysts have also recently issued reports on BBY. JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Bank of America reduced their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley decreased 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. 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 report on Wednesday, March 5th. Finally, Wedbush reduced their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average target price of $86.11.

Best Buy Trading Up 2.3%

NYSE:BBY traded up $1.54 during trading hours on Friday, reaching $69.81. 4,006,722 shares of the company were exchanged, compared to its average volume of 3,354,586. The firm has a market cap of $14.78 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 2.10 and a beta of 1.27. The stock has a 50 day simple moving average of $67.12 and a 200 day simple moving average of $78.59. Best Buy has a 52-week low of $54.99 and a 52-week 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.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be paid 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 5.44%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry purchased 13,500 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last ninety days. Corporate insiders own 0.47% of the company's stock.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of BBY. Pinnacle Bancorp Inc. grew its position 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 buying an additional 178 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in Best Buy in the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Best Buy during the fourth quarter valued at approximately $32,000. Finally, Atlas Capital Advisors Inc. grew its holdings in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

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.