Best Buy (NYSE:BBY) Price Target Cut to $81.00 by Analysts at Truist Financial

Best Buy (NYSE:BBY) had its target price decreased by research analysts at Truist Financial from $95.00 to $81.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price objective suggests a potential upside of 5.86% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Loop Capital reissued a “buy” rating and set a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research note on Friday. Morgan Stanley lowered their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.83.

Best Buy Stock Performance

NYSE:BBY traded up $1.31 during midday trading on Wednesday, hitting $76.51. The company’s stock had a trading volume of 2,020,903 shares, compared to its average volume of 2,828,387. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $16.36 billion, a P/E ratio of 13.08, a P/E/G ratio of 2.10 and a beta of 1.43. The firm’s 50 day moving average is $86.20 and its 200-day moving average is $90.62.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business earned $2.72 earnings per share. Equities analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. boosted its stake in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Best Buy in the 4th quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC increased its stake in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after buying an additional 374 shares during the period. 80.96% of the stock is owned by hedge funds and other 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.