Citigroup Lowers Best Buy (NYSE:BBY) Price Target to $93.00

Best Buy (NYSE:BBY) had its price objective decreased by research analysts at Citigroup from $105.00 to $93.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. Citigroup’s target price indicates a potential upside of 23.51% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Barclays dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday. Wells Fargo & Company reiterated an “equal weight” rating on shares of Best Buy in a research note on Friday. Finally, Jefferies Financial Group reduced 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 issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.00.

Best Buy Stock Performance

NYSE BBY traded up $0.10 during mid-day trading on Wednesday, reaching $75.30. 1,124,954 shares of the stock were exchanged, compared to its average volume of 2,806,808. Best Buy has a 1 year low of $69.29 and a 1 year 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 business’s 50 day moving average is $86.20 and its 200-day moving average is $90.62. The company has a market capitalization of $16.10 billion, a P/E ratio of 12.87, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations 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 last year, the firm earned $2.72 EPS. On average, equities research analysts forecast 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 the company’s stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. boosted its stake in 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 buying an additional 3,025 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Pinnacle Financial Partners Inc purchased a new position in shares of Best Buy during the 4th quarter worth approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its holdings in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares during the last quarter. Finally, Alberta Investment Management Corp raised its position in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after purchasing an additional 21,200 shares during the period. 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.