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

Best Buy (NYSE:BBY) had its price target decreased by Guggenheim from $105.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology retailer’s stock. Guggenheim’s price target points to a potential upside of 18.18% from the company’s previous close.

A number of other research firms have also recently commented on BBY. Wedbush reiterated a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research note on Monday. Telsey Advisory Group lowered their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday. Jefferies Financial Group reduced their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday. Finally, Citigroup reduced their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $98.83.

Best Buy Stock Up 1.3 %

Best Buy stock opened at $76.15 on Wednesday. Best Buy has a fifty-two week low of $69.29 and a fifty-two 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 firm’s 50-day simple moving average is $86.20 and its 200 day simple moving average is $90.62. The stock has a market cap of $16.28 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the company posted $2.72 earnings per share. Research analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc raised its position in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after buying an additional 125 shares in the last quarter. Mariner LLC increased its stake in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after acquiring an additional 129 shares during the last quarter. LRI Investments LLC raised its position in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after purchasing an additional 141 shares in the last quarter. Rothschild Investment LLC lifted its stake in Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after purchasing an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance boosted its holdings in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after purchasing an additional 142 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.