Best Buy (NYSE:BBY) Price Target Cut to $67.00

Best Buy (NYSE:BBY) had its target price dropped by analysts at Citigroup from $76.00 to $67.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “sell” rating on the technology retailer’s stock. Citigroup’s price objective would indicate a potential downside of 8.49% from the company’s current price.

Several other research firms have also recently commented on BBY. Barclays boosted their target price on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Truist Financial boosted their target price on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. Morgan Stanley boosted their price target on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their price target on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $84.00.

Best Buy Trading Up 0.2 %

Shares of NYSE BBY opened at $73.22 on Tuesday. The company’s fifty day moving average is $77.75 and its 200-day moving average is $74.34. The stock has a market cap of $15.84 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.94 and a beta of 1.50. Best Buy has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter last year, the business posted $2.61 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts predict that Best Buy will post 6.03 EPS for the current year.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock valued at $4,253,900 in the last ninety days. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pettyjohn Wood & White Inc. grew its holdings in shares of Best Buy by 4.0% during the 1st quarter. Pettyjohn Wood & White Inc. now owns 5,800 shares of the technology retailer’s stock valued at $476,000 after purchasing an additional 225 shares during the last quarter. William Allan Corp boosted its position in Best Buy by 1.0% in the first quarter. William Allan Corp now owns 26,549 shares of the technology retailer’s stock valued at $2,178,000 after buying an additional 261 shares in the last quarter. Cozad Asset Management Inc. grew its stake in shares of Best Buy by 36.1% during the first quarter. Cozad Asset Management Inc. now owns 28,957 shares of the technology retailer’s stock worth $2,375,000 after buying an additional 7,680 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Best Buy by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock worth $494,000 after buying an additional 311 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new position in shares of Best Buy in the 1st quarter valued at $3,422,000. 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.