Best Buy (NYSE:BBY) Cut to Sell at Cfra

Cfra cut shares of Best Buy (NYSE:BBY) from a hold rating to a sell rating in a research note issued to investors on Thursday morning,FinViz reports. The brokerage currently has $87.00 price objective on the technology retailer’s stock.

Several other research analysts also recently weighed in on BBY. Guggenheim upped their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Wells Fargo & Company raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 6th. Weiss Ratings cut Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, October 27th. Morgan Stanley boosted their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. Finally, Bank of America initiated coverage on Best Buy in a report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $87.33.

Best Buy Price Performance

Best Buy stock traded up $0.59 during trading on Thursday, reaching $104.00. The company had a trading volume of 1,575,001 shares, compared to its average volume of 2,826,361. The firm’s 50-day simple moving average is $93.64 and its 200 day simple moving average is $77.05. Best Buy has a 1-year low of $55.10 and a 1-year high of $106.83. The firm has a market capitalization of $21.81 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.58 and a beta of 1.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities research analysts anticipate that Best Buy will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.7%. Best Buy’s dividend payout ratio is presently 63.89%.

Insider Transactions at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BBY. BlackRock Inc. acquired a new stake in shares of Best Buy in the 2nd quarter worth $1,932,812,000. First Trust Advisors LP raised its holdings in shares of Best Buy by 287.6% during the 3rd quarter. First Trust Advisors LP now owns 4,127,495 shares of the technology retailer’s stock worth $364,210,000 after acquiring an additional 3,062,664 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Best Buy during the 2nd quarter valued at about $174,893,000. Deutsche Bank AG acquired a new position in shares of Best Buy during the 2nd quarter valued at about $116,003,000. Finally, Legal & General Group Plc acquired a new position in shares of Best Buy during the 2nd quarter valued at about $83,427,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.