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

Best Buy (NYSE:BBY) had its price target decreased by equities researchers at Barclays from $95.00 to $89.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Barclays‘s target price indicates a potential upside of 6.95% from the stock’s previous close.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Wells Fargo & Company lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. DA Davidson reaffirmed a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Guggenheim cut their price target on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $100.72.

Best Buy Stock Down 1.2 %

NYSE:BBY opened at $83.22 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s fifty day moving average price is $87.97 and its 200-day moving average price is $90.15. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The firm has a market capitalization of $17.79 billion, a P/E ratio of 14.23, a PEG ratio of 2.19 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. As a group, equities 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 on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. boosted its holdings in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. raised its position 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 valued at $9,332,000 after buying an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 acquiring an additional 18,171 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Best Buy in the third quarter worth approximately $2,384,000. Finally, Toronto Dominion Bank increased its stake in Best Buy by 82.2% during the third quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock worth $10,567,000 after acquiring an additional 46,152 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.