Best Buy (NYSE:BBY) PT Lowered to $67.00

Best Buy (NYSE:BBY) had its price target lowered by analysts at Citigroup from $76.00 to $67.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “sell” rating on the technology retailer’s stock. Citigroup’s price objective indicates a potential downside of 8.89% from the stock’s previous close.

BBY has been the topic of several other reports. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Wedbush boosted their target price on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and increased their price target for the company from $85.00 to $95.00 in a report on Wednesday, March 20th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group upped their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average price target of $84.00.

Best Buy Price Performance

Shares of BBY traded down $0.86 during mid-day trading on Tuesday, hitting $73.54. 1,095,643 shares of the company were exchanged, compared to its average volume of 2,907,083. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. Best Buy has a 1-year low of $62.30 and a 1-year high of $86.11. The stock has a market cap of $15.91 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50. The company has a 50 day moving average of $77.87 and a 200-day moving average of $74.31.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same period in the previous year, the company posted $2.61 earnings per share. The business’s revenue was down .6% on a year-over-year basis. Analysts expect that Best Buy will post 6.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the transaction, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the sale, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock worth $4,253,900 over the last ninety days. 0.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BBY. Cerity Partners LLC grew its stake in shares of Best Buy by 8.4% in the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after purchasing an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at $317,000. Mirabella Financial Services LLP bought a new stake in shares of Best Buy during the 3rd quarter worth $831,000. Van ECK Associates Corp grew its holdings in shares of Best Buy by 35.6% in the 3rd quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock worth $6,550,000 after acquiring an additional 24,763 shares during the last quarter. Finally, abrdn plc raised its position in shares of Best Buy by 12.5% during the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock worth $60,277,000 after purchasing an additional 85,286 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

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.