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

Best Buy (NYSE:BBY) had its price target decreased by research analysts at Loop Capital from $100.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price objective points to a potential upside of 14.51% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday. UBS Group reiterated a “buy” rating and set a $105.00 target price (down from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Jefferies Financial Group decreased their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday. Finally, Evercore ISI decreased their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Stock Performance

Best Buy stock opened at $78.60 on Wednesday. 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 stock has a fifty day moving average of $85.75 and a two-hundred day moving average of $90.43. The company has a market capitalization of $16.80 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 2.10 and a beta of 1.43. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the previous year, the company posted $2.72 EPS. On average, analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on 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 sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in BBY. IFP Advisors Inc grew its stake in shares of Best Buy by 5.2% during the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after acquiring an additional 125 shares in the last quarter. Mariner LLC grew 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 holdings in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 141 shares during the last quarter. Rothschild Investment LLC raised its position in shares of Best Buy by 19.7% in 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 grew its position in shares of Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after buying an additional 142 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.