Best Buy (NYSE:BBY) Price Target Lowered to $65.00 at Citigroup

Best Buy (NYSE:BBYGet Rating) had its price objective dropped by stock analysts at Citigroup from $80.00 to $65.00 in a research note issued on Wednesday, Stock Target Advisor reports. The brokerage currently has a “sell” rating on the technology retailer’s stock. Citigroup’s price objective indicates a potential downside of 8.45% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Morgan Stanley dropped their price target on Best Buy from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Best Buy from $110.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, February 28th. JPMorgan Chase & Co. reduced their target price on shares of Best Buy from $134.00 to $107.00 and set a “buy” rating for the company in a research note on Monday, February 28th. Bank of America dropped their price target on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. Finally, StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $101.47.

NYSE BBY opened at $71.00 on Wednesday. The company has a market capitalization of $15.97 billion, a PE ratio of 7.22, a price-to-earnings-growth ratio of 0.86 and a beta of 1.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99. Best Buy has a 52-week low of $69.07 and a 52-week high of $141.97. The company has a 50-day simple moving average of $91.49 and a 200 day simple moving average of $100.24.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.04). Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The company had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter in the previous year, the business earned $2.23 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. As a group, analysts forecast that Best Buy will post 8.94 EPS for the current fiscal year.

In related news, insider Brian A. Tilzer sold 4,259 shares of the stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $421,896.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Todd G. Hartman sold 1,188 shares of Best Buy stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $95.72, for a total value of $113,715.36. Following the completion of the sale, the insider now directly owns 34,513 shares of the company’s stock, valued at approximately $3,303,584.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,955 shares of company stock worth $3,662,097. Insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Leuthold Group LLC raised its position in Best Buy by 0.3% in the third quarter. Leuthold Group LLC now owns 26,301 shares of the technology retailer’s stock worth $2,780,000 after acquiring an additional 81 shares during the period. Cetera Investment Advisers increased its holdings in Best Buy by 2.0% in the 3rd quarter. Cetera Investment Advisers now owns 4,332 shares of the technology retailer’s stock worth $458,000 after acquiring an additional 83 shares in the last quarter. MML Investors Services LLC raised its stake in Best Buy by 1.3% during the 3rd quarter. MML Investors Services LLC now owns 6,620 shares of the technology retailer’s stock worth $700,000 after acquiring an additional 84 shares during the period. Stonebridge Capital Advisors LLC lifted its holdings in Best Buy by 65.4% during the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 100 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC boosted its position in shares of Best Buy by 4.2% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 2,627 shares of the technology retailer’s stock worth $267,000 after purchasing an additional 106 shares during the period. 80.79% of the stock is currently owned by institutional investors.

Best Buy Company Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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