Best Buy (NYSE:BBY) Price Target Lowered to $92.00 at Jefferies Financial Group

Best Buy (NYSE:BBY) had its price target cut by Jefferies Financial Group from $106.00 to $92.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 22.02% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the company. 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. Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Best Buy in a research report on Friday. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $110.00 target price on shares of Best Buy in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $101.33.

Best Buy Stock Performance

Shares of BBY traded down $11.35 during midday trading on Tuesday, reaching $75.40. 14,820,469 shares of the stock were exchanged, compared to its average volume of 2,850,094. The stock’s 50 day simple moving average is $86.43 and its 200 day simple moving average is $90.69. The company has a market cap of $16.12 billion, a P/E ratio of 12.89, a PEG ratio of 2.10 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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. 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 posted $2.72 earnings per share. On average, sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Insider Activity

In related 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 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. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Focus Financial Network Inc. acquired a new position in shares of Best Buy in the third quarter worth approximately $200,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $40,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Best Buy by 15.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 451,609 shares of the technology retailer’s stock valued at $46,651,000 after purchasing an additional 59,883 shares during the last quarter. 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 buying an additional 60,880 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in 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 buying an additional 19,405 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.