Best Buy (NYSE:BBY) Price Target Lowered to $101.00 at Citigroup

Best Buy (NYSE:BBY) had its target price cut by research analysts at Citigroup from $109.00 to $101.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. Citigroup’s price target indicates a potential upside of 13.13% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Barclays upped their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Loop Capital reduced their price objective on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Finally, UBS Group increased their price target on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.35.

Best Buy Stock Up 0.9 %

NYSE BBY traded up $0.80 on Wednesday, reaching $89.28. The company had a trading volume of 746,593 shares, compared to its average volume of 3,050,772. The stock has a market capitalization of $19.17 billion, a P/E ratio of 15.19, a P/E/G ratio of 2.44 and a beta of 1.47. The company’s fifty day moving average is $94.38 and its 200 day moving average is $89.07. Best Buy has a 52-week low of $68.67 and a 52-week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. Sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy during the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy during the 3rd quarter valued at about $40,000. LRI Investments LLC raised its holdings in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Finally, Whittier Trust Co. raised its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares in the last quarter. 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.