Best Buy (NYSE:BBY) Given New $85.00 Price Target at HSBC

Best Buy (NYSE:BBY) had its target price lowered by equities research analysts at HSBC from $96.00 to $85.00 in a research note issued to investors on Thursday,MarketScreener reports. HSBC’s price target indicates a potential upside of 38.21% from the stock’s previous close.

A number of other research firms also recently issued reports on BBY. Barclays dropped their target price on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 8th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 target price on shares of Best Buy in a research report on Wednesday, November 26th. Citigroup cut their target price on shares of Best Buy from $82.00 to $67.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Truist Financial dropped their target price on shares of Best Buy from $77.00 to $73.00 and set a “hold” rating for the company in a research report on Friday, January 16th. Finally, Piper Sandler reduced their price target on shares of Best Buy from $76.00 to $71.00 and set a “neutral” rating on the stock in a report on Monday. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $80.05.

Best Buy Stock Performance

Shares of BBY stock traded down $1.36 on Thursday, hitting $61.50. The company’s stock had a trading volume of 129,242 shares, compared to its average volume of 4,353,420. The company has a market capitalization of $12.89 billion, a PE ratio of 20.35, a PEG ratio of 1.49 and a beta of 1.44. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The stock’s 50 day moving average is $67.29 and its 200-day moving average is $73.04. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $90.86.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The business had revenue of $9.67 billion during the quarter, compared to the consensus estimate of $9.57 billion. During the same quarter in the previous year, the firm earned $1.26 earnings per share. Best Buy’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Institutional Trading of Best Buy

Several large investors have recently made changes to their positions in BBY. Sage Private Wealth Group LLC increased its stake in shares of Best Buy by 3.1% during the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock worth $311,000 after purchasing an additional 123 shares in the last quarter. LVW Advisors LLC grew its holdings in shares of Best Buy by 3.9% during the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after buying an additional 137 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares in the last quarter. Huntington National Bank lifted its position in Best Buy by 12.0% during the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after buying an additional 139 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in shares of Best Buy by 1.5% in the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after purchasing an additional 144 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 is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.