Best Buy (NYSE:BBY) Price Target Cut to $80.00 by Analysts at Evercore ISI

Best Buy (NYSE:BBY) had its price objective dropped by Evercore ISI from $95.00 to $80.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s price objective indicates a potential upside of 5.53% from the stock’s previous close.

A number of other analysts have also recently commented on BBY. Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. 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. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Bank of America cut their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday. Finally, UBS Group restated a “buy” rating on shares of Best Buy in a research report on Friday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.67.

Best Buy Stock Up 0.8 %

BBY traded up $0.61 during midday trading on Wednesday, reaching $75.81. The company’s stock had a trading volume of 894,227 shares, compared to its average volume of 2,795,976. The stock’s 50-day moving average is $86.20 and its 200-day moving average is $90.62. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a market capitalization of $16.21 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the firm posted $2.72 earnings per share. As a group, research analysts expect that Best Buy will post 6.18 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy in the fourth quarter valued at $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy during the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. raised its stake 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 valued at $32,000 after buying an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC lifted its holdings in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after buying an additional 374 shares during the period. Hedge funds and other 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.