DA Davidson Cuts Best Buy (NYSE:BBY) Price Target to $85.00

Best Buy (NYSE:BBY) had its price objective lowered by DA Davidson from $90.00 to $85.00 in a research note published on Wednesday morning,MarketScreener reports. The firm currently has a buy rating on the technology retailer’s stock.

Several other equities research analysts have also commented on BBY. UBS Group upped their price target on Best Buy from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. Barclays decreased their target price on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Wells Fargo & Company dropped their target price on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 18th. HSBC reduced their price target on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Finally, Citigroup dropped their price objective on shares of Best Buy from $82.00 to $67.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $76.20.

Best Buy Stock Performance

Shares of BBY stock opened at $66.48 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.26 and a current ratio of 1.11. The firm has a market capitalization of $13.90 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. Best Buy has a one year low of $54.99 and a one year high of $84.99. The company has a 50 day moving average price of $66.63 and a 200 day moving average price of $72.77.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.8%. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, March 24th. Best Buy’s dividend payout ratio is 75.40%.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in the company. Palisade Asset Management LLC acquired a new position in Best Buy in the 3rd quarter worth $25,000. Harbor Capital Advisors Inc. increased its position in shares of Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the last quarter. MV Capital Management Inc. acquired a new position in shares of Best Buy in the fourth quarter worth about $25,000. Torren Management LLC purchased a new position in Best Buy in the fourth quarter valued at about $25,000. Finally, Root Financial Partners LLC purchased a new position in Best Buy in the third quarter valued at about $32,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.