Morgan Stanley Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target lowered by stock analysts at Morgan Stanley from $105.00 to $100.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s price target suggests a potential upside of 18.86% from the company’s previous close.

Several other equities research analysts also recently weighed in on BBY. Loop Capital reissued a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Wells Fargo & Company reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Stock Up 2.7 %

NYSE:BBY traded up $2.23 during trading hours on Tuesday, reaching $84.13. 750,478 shares of the company traded hands, compared to its average volume of 2,277,510. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $87.02 and its two-hundred day moving average price is $90.20. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a market capitalization of $17.99 billion, a P/E ratio of 14.39, a P/E/G ratio of 2.06 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the firm earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. Analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC grew its position in shares of Best Buy by 45.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 3,497 shares of the technology retailer’s stock valued at $300,000 after purchasing an additional 1,097 shares in the last quarter. CX Institutional grew its holdings in Best Buy by 1.0% during the 4th quarter. CX Institutional now owns 20,524 shares of the technology retailer’s stock valued at $1,761,000 after buying an additional 213 shares in the last quarter. Impact Partnership Wealth LLC grew its holdings in Best Buy by 20.0% during the 4th quarter. Impact Partnership Wealth LLC now owns 11,938 shares of the technology retailer’s stock valued at $1,024,000 after buying an additional 1,991 shares in the last quarter. Donoghue Forlines LLC raised its holdings in shares of Best Buy by 46.7% during the 4th quarter. Donoghue Forlines LLC now owns 18,099 shares of the technology retailer’s stock worth $1,553,000 after acquiring an additional 5,758 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Best Buy by 60.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 16,670 shares of the technology retailer’s stock worth $1,430,000 after acquiring an additional 6,274 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.