UBS Group Lowers Best Buy (NYSE:BBY) Price Target to $115.00

Best Buy (NYSE:BBY) had its price objective decreased by stock analysts at UBS Group from $123.00 to $115.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology retailer’s stock. UBS Group’s target price would suggest a potential upside of 30.43% from the company’s current price.

BBY has been the topic of a number of other reports. Loop Capital reduced their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI lifted their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Truist Financial increased their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Melius Research assumed coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.82.

Best Buy Price Performance

NYSE:BBY opened at $88.17 on Wednesday. The stock has a 50 day moving average price of $93.96 and a 200 day moving average price of $89.06. The stock has a market cap of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy has a one year low of $68.67 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 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts expect that Best Buy will post 6.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently added to or reduced their stakes in the business. Richardson Financial Services Inc. grew its stake in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new position in Best Buy in the second quarter valued at $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the third quarter valued at $40,000. LRI Investments LLC grew its stake in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.