Best Buy (NYSE:BBY) Earns “Neutral” Rating from Citigroup

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating reaffirmed by analysts at Citigroup in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $70.00 price objective on the technology retailer’s stock, down from their prior price objective of $93.00. Citigroup’s target price indicates a potential upside of 16.13% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Guggenheim reduced their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. DA Davidson dropped their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Truist Financial cut their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.22.

Best Buy Stock Performance

Shares of BBY stock opened at $60.28 on Thursday. Best Buy has a 52 week low of $57.34 and a 52 week high of $103.71. 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 company has a 50 day moving average price of $81.02 and a 200-day moving average price of $87.32. The firm has a market capitalization of $12.74 billion, a PE ratio of 10.30, a P/E/G ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) 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 the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the business posted $2.72 EPS. As a group, equities research analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 9,482 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $688,867.30. Following the completion of the sale, the chief financial officer now directly owns 106,856 shares in the company, valued at $7,763,088.40. The trade was a 8.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last quarter. 0.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the business. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy during the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. boosted its stake 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 grew its holdings in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the last quarter. 80.96% of the stock is currently owned by 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.