UBS Group Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by equities researchers at UBS Group from $123.00 to $115.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. UBS Group’s price objective points to a potential upside of 29.52% from the company’s previous close.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Citigroup lowered their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. The Goldman Sachs Group lifted their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Trading Up 0.4 %

BBY stock traded up $0.31 on Wednesday, reaching $88.79. The company’s stock had a trading volume of 1,492,998 shares, compared to its average volume of 3,054,483. The business has a fifty day simple moving average of $94.38 and a two-hundred day simple moving average of $89.07. Best Buy has a 12-month low of $68.67 and a 12-month high of $103.71. The firm has a market cap of $19.07 billion, a PE ratio of 15.31, a PEG ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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

Institutional Trading of Best Buy

Several hedge funds have recently modified their holdings of the company. Tidal Investments LLC raised its holdings in shares of Best Buy by 24.5% during the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock worth $2,294,000 after acquiring an additional 4,370 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $247,000. World Investment Advisors LLC bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $5,234,000. TCW Group Inc. increased its position in shares of Best Buy by 156.6% during the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in Best Buy by 82.2% in the 3rd quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after acquiring an additional 46,152 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other 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.