Best Buy (NYSE:BBY) Lowered to “Market Perform” at Telsey Advisory Group

Telsey Advisory Group cut shares of Best Buy (NYSE:BBY – Get Rating) from an outperform rating to a market perform rating in a research report released on Monday, The Fly reports. The brokerage currently has $83.00 target price on the technology retailer’s stock, down from their previous target price of $88.00.

Several other research firms have also weighed in on BBY. Piper Sandler upped their target price on Best Buy to $91.00 in a report on Thursday, November 24th. JPMorgan Chase & Co. lowered their target price on Best Buy from $85.00 to $78.00 and set a neutral rating on the stock in a report on Friday, November 18th. Bank of America downgraded Best Buy from a neutral rating to an underperform rating and reduced their price objective for the company from $80.00 to $69.00 in a research report on Wednesday, December 14th. The Goldman Sachs Group upgraded Best Buy from a sell rating to a neutral rating and upped their price objective for the company from $59.00 to $83.00 in a research report on Monday, December 12th. Finally, Wedbush upped their price objective on Best Buy from $80.00 to $85.00 and gave the company a buy rating in a research report on Wednesday, November 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $83.29.

Best Buy Trading Down 1.4 %

Shares of BBY stock opened at $82.63 on Monday. The business’s fifty day moving average price is $84.36 and its 200 day moving average price is $77.09. Best Buy has a 1-year low of $60.78 and a 1-year high of $112.96. The firm has a market capitalization of $18.28 billion, a PE ratio of 12.37, a P/E/G ratio of 0.69 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.98 and a quick ratio of 0.26.

Insider Transactions at Best Buy

In other news, EVP Damien Harmon sold 2,500 shares of the stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $79.99, for a total value of $199,975.00. Following the completion of the sale, the executive vice president now owns 42,805 shares in the company, valued at $3,423,971.95. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently modified their holdings of the stock. WC Walker & Associates Inc. grew its stake in shares of Best Buy by 1.7% in the fourth quarter. WC Walker & Associates Inc. now owns 18,286 shares of the technology retailer’s stock valued at $1,521,000 after buying an additional 313 shares in the last quarter. IMS Capital Management acquired a new stake in Best Buy during the 4th quarter valued at approximately $245,000. Linden Thomas Advisory Services LLC acquired a new stake in Best Buy during the 4th quarter valued at approximately $975,000. Alliancebernstein L.P. grew its stake in Best Buy by 1.9% during the 4th quarter. Alliancebernstein L.P. now owns 311,256 shares of the technology retailer’s stock valued at $24,966,000 after purchasing an additional 5,826 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new stake in Best Buy during the 4th quarter valued at approximately $209,000. Institutional investors and hedge funds own 78.48% of the company’s stock.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.