Evercore ISI Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective cut by investment analysts at Evercore ISI from $95.00 to $80.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s target price points to a potential upside of 1.79% from the stock’s current price.

Several other brokerages also recently issued reports on BBY. Telsey Advisory Group lowered their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Loop Capital reiterated a “buy” rating and set a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Stock Up 4.1 %

Shares of BBY opened at $78.60 on Wednesday. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a market cap of $16.80 billion, a P/E ratio of 13.44, a P/E/G ratio of 2.10 and a beta of 1.43. 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 firm has a 50 day simple moving average of $85.75 and a two-hundred day simple moving average of $90.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating 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 net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the business earned $2.72 earnings per share. Research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy during the 4th quarter worth about $31,000. Golden State Wealth Management LLC bought a new position in shares of Best Buy during the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. boosted its position in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC boosted its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares in the last quarter. Institutional investors 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.