Piper Sandler Cuts Best Buy (NYSE:BBY) Price Target to $68.00

Best Buy (NYSE:BBY) had its price objective cut by Piper Sandler from $71.00 to $68.00 in a research note released on Wednesday, MarketBeat Ratings reports. They currently have a neutral rating on the technology retailer’s stock.

A number of other equities research analysts also recently issued reports on the stock. Telsey Advisory Group reduced their price objective on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday. Citigroup cut their price target on shares of Best Buy from $82.00 to $67.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Evercore reduced their price target on shares of Best Buy from $80.00 to $70.00 and set an “in-line” rating on the stock in a research report on Tuesday, February 3rd. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Loop Capital upped their target price on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.20.

Best Buy Price Performance

Best Buy stock opened at $66.48 on Wednesday. The firm has a market cap of $13.90 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.26. The stock’s fifty day moving average price is $66.63 and its two-hundred day moving average price is $72.77. Best Buy has a one year low of $54.99 and a one year high of $84.99.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. During the same period in the prior year, the company posted $2.58 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced 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 is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is 75.40%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. lifted its stake in shares of Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 138 shares during the last quarter. Torren Management LLC bought a new stake in Best Buy during the 4th quarter worth $25,000. MV Capital Management Inc. bought a new stake in Best Buy during the 4th quarter worth $25,000. Palisade Asset Management LLC acquired a new position in Best Buy in the 3rd quarter worth about $25,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Best Buy in the 4th quarter worth about $29,000. 80.96% of the stock is currently 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.