Morgan Stanley Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target dropped by investment analysts at Morgan Stanley from $100.00 to $85.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s price target would indicate a potential upside of 12.74% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Barclays dropped 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 research report on Thursday, January 9th. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. UBS Group restated a “buy” rating on shares of Best Buy in a research report on Friday. Guggenheim lowered their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Loop Capital restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $99.67.

Best Buy Stock Down 13.1 %

NYSE BBY opened at $75.40 on Wednesday. The stock has a market cap of $16.12 billion, a PE ratio of 12.89, a PEG ratio of 2.10 and a beta of 1.43. 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 has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a 50-day simple moving average of $86.20 and a 200 day simple moving average of $90.62.

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, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the previous year, the company posted $2.72 EPS. On average, research analysts forecast that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $40,000. National Pension Service boosted its position in shares of Best Buy by 18.1% during the 3rd quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after acquiring an additional 60,880 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Best Buy by 27.4% during 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 in the last quarter. QRG Capital Management Inc. boosted its position in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $817,000. 80.96% of the stock is 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.