Telsey Advisory Group Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by research analysts at Telsey Advisory Group from $115.00 to $110.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s price target suggests a potential upside of 24.30% from the stock’s current price.

Several other research firms have also commented on BBY. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Wedbush raised their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. UBS Group raised their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $103.41.

Best Buy Trading Down 4.9 %

Shares of NYSE BBY traded down $4.53 during trading hours on Tuesday, hitting $88.50. 10,595,047 shares of the company traded hands, compared to its average volume of 3,061,441. The company’s 50 day moving average price is $94.60 and its 200 day moving average price is $88.97. The stock has a market capitalization of $19.00 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 12 month low of $68.12 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for 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 was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 EPS. On average, equities research analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Park Avenue Securities LLC increased its stake in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after acquiring an additional 103 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after purchasing an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after purchasing an additional 118 shares in the last quarter. Tobam boosted its holdings in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC boosted its holdings in shares of Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.