Best Buy (NYSE:BBY) Price Target Lowered to $75.00 at Bank of America

Best Buy (NYSE:BBY) had its target price reduced by equities researchers at Bank of America from $80.00 to $75.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “underperform” rating on the technology retailer’s stock. Bank of America‘s price objective would suggest a potential downside of 0.52% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Barclays dropped their price objective on 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. Wedbush restated a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday. Jefferies Financial Group lowered 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. Finally, UBS Group restated a “buy” rating on shares of Best Buy in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.50.

Best Buy Trading Down 13.1 %

Shares of NYSE BBY opened at $75.40 on Wednesday. The firm has a 50 day moving average price of $86.20 and a two-hundred day moving average price of $90.62. The stock has a market cap of $16.12 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a 52-week low of $69.29 and a 52-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.

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

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Siemens Fonds Invest GmbH increased its position in shares of Best Buy by 254.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock valued at $1,317,000 after buying an additional 11,024 shares during the period. GHE LLC boosted its position in Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after acquiring an additional 788 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new position in shares of Best Buy during the 4th quarter worth approximately $731,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Best Buy in the 4th quarter worth about $29,090,000. Finally, Brooklyn FI LLC bought a new stake in shares of Best Buy in the 4th quarter worth approximately $315,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.