Bank of America Lowers Best Buy (NYSE:BBY) Price Target to $75.00

Best Buy (NYSE:BBY) had its target price cut by research analysts at Bank of America from $80.00 to $75.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the technology retailer’s stock. Bank of America‘s price objective indicates a potential downside of 4.58% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group dropped their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday. Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday. Wedbush reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday. Truist Financial dropped their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Trading Up 4.1 %

Shares of BBY opened at $78.60 on Wednesday. The stock has a market capitalization of $16.80 billion, a P/E ratio of 13.44, a PEG ratio of 2.10 and a beta of 1.43. 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 fifty day simple moving average of $85.75 and a two-hundred day simple moving average of $90.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations 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 company posted $2.72 EPS. On average, research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc increased its stake in Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares in the last quarter. Mariner LLC increased its stake in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC increased its stake in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after purchasing an additional 141 shares in the last quarter. Rothschild Investment LLC increased its stake in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance increased its stake in Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.