Truist Financial Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target dropped by equities researchers at Truist Financial from $107.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price objective would suggest a potential upside of 7.75% from the company’s previous close.

BBY has been the topic of a number of other reports. The Goldman Sachs Group boosted their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Finally, Citigroup reduced their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday. 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.82.

Best Buy Trading Down 0.4 %

Best Buy stock opened at $88.17 on Wednesday. The firm has a 50 day moving average of $93.96 and a 200 day moving average of $89.06. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. Best Buy has a 12-month low of $68.67 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 EPS. As a group, research analysts predict that Best Buy will post 6.28 earnings per share for the current year.

Institutional Trading of Best Buy

A number of hedge funds have recently modified their holdings of BBY. QRG Capital Management Inc. boosted its holdings in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after buying an additional 3,025 shares in the last quarter. GAMMA Investing LLC boosted its position in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.