Wells Fargo & Company Lowers Best Buy (NYSE:BBY) Price Target to $67.00

Best Buy (NYSE:BBY - Free Report) had its price objective lowered by Wells Fargo & Company from $75.00 to $67.00 in a report published on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology retailer's stock.

A number of other analysts have also recently issued reports on BBY. Jefferies Financial Group lowered their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Citigroup reissued a "neutral" rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Bank of America lowered their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Finally, Wedbush lowered their target price on Best Buy from $75.00 to $70.00 and set a "neutral" 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Best Buy has a consensus rating of "Hold" and an average target price of $86.11.

Best Buy Trading Down 0.1%

Shares of NYSE:BBY traded down $0.07 during mid-day trading on Friday, reaching $66.25. The stock 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 firm has a 50 day simple moving average of $67.25 and a two-hundred day simple moving average of $78.85. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly 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. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate 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 period last year, the company posted $1.20 EPS. On average, research analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date of this dividend 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 Activity

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the firm'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 directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction on Friday, March 21st. The shares were 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 $2,348,048. This represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last ninety days. Insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. Raymond James Financial Inc. bought a new position in shares of Best Buy in the fourth quarter valued at $514,483,000. Norges Bank bought a new position in shares of Best Buy in the fourth quarter valued at $178,015,000. Pacer Advisors Inc. grew its stake in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after buying an additional 998,021 shares in the last quarter. Northern Trust Corp grew its stake in shares of Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after buying an additional 701,287 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 36.5% in the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after buying an additional 671,408 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

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.