Telsey Advisory Group Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by equities researchers at Telsey Advisory Group from $115.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s target price would suggest a potential upside of 24.30% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Truist Financial boosted their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Finally, Citigroup decreased their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $103.41.

Best Buy Stock Performance

Shares of NYSE:BBY traded down $4.53 during mid-day trading on Tuesday, reaching $88.50. The company had a trading volume of 10,595,047 shares, compared to its average volume of 3,061,441. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market cap of $19.00 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 2.34 and a beta of 1.47. The company’s 50-day moving average price is $94.60 and its 200-day moving average price is $88.97. Best Buy has a one year low of $68.12 and a one year high of $103.71.

Best Buy (NYSE:BBY) last posted 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that Best Buy will post 6.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in Best Buy by 24.5% during the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after acquiring an additional 4,370 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Best Buy in the 3rd quarter worth approximately $247,000. World Investment Advisors LLC purchased a new stake in Best Buy during the third quarter valued at $5,234,000. TCW Group Inc. grew its stake in shares of Best Buy by 156.6% during the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of Best Buy by 82.2% during the 3rd quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after purchasing an additional 46,152 shares during the period. Hedge funds and other institutional investors 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.