Piper Sandler Cuts Best Buy (NYSE:BBY) Price Target to $82.00

Best Buy (NYSE:BBY - Free Report) had its price target cut by Piper Sandler from $92.00 to $82.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the technology retailer's stock.

BBY has been the topic of several other reports. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday. Bank of America decreased their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Morgan Stanley decreased their price objective on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, DA Davidson reiterated a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $86.11.

Best Buy Price Performance

NYSE:BBY traded down $0.07 during trading hours on Friday, hitting $66.25. 6,438,698 shares of the stock were exchanged, compared to its average volume of 3,346,222. Best Buy has a 52-week low of $54.99 and a 52-week high of $103.71. The firm's fifty day moving average price is $67.25 and its 200 day moving average price is $78.76. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $14.02 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27.

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

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were 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 in the company, valued at $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This represents a 14.21% 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 quarter. 0.47% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently made changes to their positions in the business. Pinnacle Bancorp Inc. boosted its stake in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after buying an additional 178 shares during the period. Rakuten Securities Inc. lifted its position in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new stake in Best Buy in the fourth quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy in the fourth quarter valued at about $32,000. Finally, Atlas Capital Advisors Inc. lifted its position in Best Buy by 186.9% in 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 period. Institutional investors and hedge funds own 80.96% of the company's stock.

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.