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

Best Buy (NYSE:BBY - Free Report) had its target price decreased by Loop Capital from $90.00 to $80.00 in a research report released on Friday morning,Benzinga reports. Loop Capital currently has a buy rating on the technology retailer's stock.

Several other research analysts have also issued reports on BBY. DA Davidson reiterated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Piper Sandler lowered their price objective on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research note on Friday. Evercore ISI decreased their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group reduced their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Finally, Truist Financial lifted their price objective on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued 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 stock currently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Stock Performance

BBY stock traded down $0.07 during mid-day trading on Friday, hitting $66.25. The company had a trading volume of 6,438,698 shares, compared to its average volume of 3,346,222. 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. 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 has a 12 month low of $54.99 and a 12 month high of $103.71. The stock's fifty day moving average price is $67.25 and its two-hundred day moving average price is $78.76.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. On average, analysts forecast that Best Buy will post 6.18 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 Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's payout ratio is 88.99%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.47% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Strs Ohio bought a new stake in Best Buy during the 1st quarter valued at approximately $13,763,000. Intech Investment Management LLC raised its position in Best Buy by 53.6% in the 1st quarter. Intech Investment Management LLC now owns 26,462 shares of the technology retailer's stock valued at $1,948,000 after purchasing an additional 9,231 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Best Buy in the 1st quarter valued at $990,000. Woodline Partners LP increased its stake in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after buying an additional 4,701 shares during the period. Finally, MBB Public Markets I LLC acquired a new stake in shares of Best Buy during the first quarter worth $313,000. 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.