Best Buy (NYSE:BBY) Given New $100.00 Price Target at Loop Capital

Best Buy (NYSE:BBY) had its target price decreased by Loop Capital from $110.00 to $100.00 in a research report report published on Wednesday morning,Benzinga reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Other equities analysts have also recently issued reports about the stock. Bank of America raised their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Truist Financial raised their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Performance

Shares of BBY stock opened at $88.15 on Wednesday. The company has a market capitalization of $18.93 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71. The company’s 50 day moving average price is $94.16 and its two-hundred day moving average price is $89.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the business earned $1.22 EPS. On average, analysts expect that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Tidal Investments LLC raised its stake in Best Buy by 25.3% in the first quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after purchasing an additional 3,044 shares in the last quarter. Comerica Bank grew its position in Best Buy by 0.8% in the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after acquiring an additional 298 shares during the last quarter. iA Global Asset Management Inc. grew its position in Best Buy by 761.4% in the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock valued at $430,000 after acquiring an additional 4,637 shares during the last quarter. Virtu Financial LLC bought a new position in Best Buy in the first quarter valued at about $994,000. Finally, Swedbank AB bought a new position in Best Buy in the first quarter valued at about $43,522,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.