Best Buy (NYSE:BBY) Price Target Lowered to $85.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its price objective lowered by analysts at Wells Fargo & Company from $89.00 to $85.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 12.80% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Guggenheim lowered their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday. Piper Sandler decreased their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley dropped their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, UBS Group reissued a “buy” rating and set a $105.00 target price (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 0.2 %

Best Buy stock traded up $0.16 during midday trading on Wednesday, reaching $75.36. The stock had a trading volume of 5,763,239 shares, compared to its average volume of 2,919,861. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a fifty day moving average of $86.20 and a 200 day moving average of $90.62.

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

Insider Transactions at Best Buy

In other Best Buy 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 completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Best Buy during the fourth quarter valued at approximately $514,483,000. Norges Bank purchased a new stake in Best Buy during the fourth quarter worth $178,015,000. Northern Trust Corp boosted its holdings in Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after buying an additional 701,287 shares in the last quarter. Invesco Ltd. increased its holdings in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after acquiring an additional 561,413 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.