Truist Financial Lowers Best Buy (NYSE:BBY) Price Target to $81.00

Best Buy (NYSE:BBY) had its target price dropped by stock analysts at Truist Financial from $95.00 to $81.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the technology retailer’s stock. Truist Financial’s target price would suggest a potential upside of 3.06% from the company’s current price.

BBY has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday. Evercore ISI decreased their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday. Citigroup decreased their target price on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a report on Friday, February 28th. Finally, Jefferies Financial Group decreased their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE BBY 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 company has a market cap of $16.80 billion, a PE ratio of 13.44, a P/E/G ratio of 2.10 and a beta of 1.43. The business has a 50-day simple moving average of $85.75 and a two-hundred day simple moving average of $90.43. 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 issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during 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 quarter last year, the company earned $2.72 earnings per share. As a group, equities analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’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 value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several large investors have recently made changes to their positions in BBY. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the third quarter worth approximately $40,000. National Pension Service increased its position in shares of Best Buy by 18.1% during the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after purchasing an additional 60,880 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of Best Buy by 27.4% during the third 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 in the last quarter. QRG Capital Management Inc. increased its position in shares of 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 purchasing an additional 3,025 shares in the last quarter. Finally, Greenwood Capital Associates LLC purchased a new stake in shares of Best Buy during the third quarter worth approximately $817,000. 80.96% of the stock is currently owned by hedge funds and other 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.