Morgan Stanley Lowers Best Buy (NYSE:BBY) Price Target to $100.00

Best Buy (NYSE:BBY) had its price target reduced by Morgan Stanley from $105.00 to $100.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s target price points to a potential upside of 19.12% from the stock’s previous close.

BBY has been the topic of a number of other research reports. Telsey Advisory Group dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. UBS Group lowered their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Truist Financial dropped their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Trading Down 0.7 %

Shares of NYSE BBY opened at $83.95 on Tuesday. The firm’s 50 day moving average price is $86.91 and its 200-day moving average price is $90.22. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market cap of $17.95 billion, a PE ratio of 14.35, a P/E/G ratio of 2.06 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company posted $1.29 earnings per share. On average, equities research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several large investors have recently modified their holdings of BBY. Park Avenue Securities LLC boosted its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust lifted its position in shares of Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after buying an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC grew its stake in Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares during the period. Hoxton Planning & Management LLC increased its holdings in Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after acquiring an additional 124 shares in the last quarter. Finally, Access Investment Management LLC raised its position in Best Buy by 12.2% during the third quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after acquiring an additional 150 shares during the period. 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.