Morgan Stanley Cuts Best Buy (NYSE:BBY) Price Target to $72.00

Best Buy (NYSE:BBY) had its price objective lowered by Morgan Stanley from $76.00 to $72.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the technology retailer’s stock.

BBY has been the subject of several other reports. Wedbush cut their price target on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Evercore reiterated a “buy” rating and issued a $75.00 price objective on shares of Best Buy in a research report on Wednesday. Citigroup decreased their target price on Best Buy from $82.00 to $67.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. BNP Paribas Exane lifted their price target on Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, HSBC decreased their price objective on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $76.20.

Best Buy Stock Up 1.3%

BBY stock opened at $66.48 on Wednesday. The stock has a 50-day simple moving average of $66.63 and a two-hundred day simple moving average of $72.77. Best Buy has a twelve month low of $54.99 and a twelve month high of $84.99. The firm has a market capitalization of $13.90 billion, a PE ratio of 13.19, a PEG ratio of 1.63 and a beta of 1.46. The company has a quick ratio of 0.26, a current ratio of 1.11 and a debt-to-equity ratio of 0.39.

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

Best Buy Increases Dividend

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

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its stake 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 in the last quarter. Torren Management LLC bought a new position in shares of Best Buy during the 4th quarter valued at $25,000. MV Capital Management Inc. purchased a new position in Best Buy in the 4th quarter worth $25,000. Palisade Asset Management LLC bought a new stake in Best Buy in the third quarter worth $25,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

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.