Best Buy (NYSE:BBY) Price Target Lowered to $89.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price dropped by analysts at Wells Fargo & Company from $95.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 0.24% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday. UBS Group raised their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Loop Capital dropped their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.82.

Best Buy Stock Up 0.4 %

Shares of BBY traded up $0.31 during midday trading on Wednesday, hitting $88.79. 1,492,998 shares of the company’s stock traded hands, compared to its average volume of 3,054,483. Best Buy has a 1 year low of $68.67 and a 1 year high of $103.71. The firm’s fifty day moving average is $94.38 and its 200-day moving average is $89.07. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $19.07 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its 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 company 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 firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. As a group, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. increased its stake 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 worth $27,000 after purchasing an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC grew its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the period. Innealta Capital LLC purchased a new stake in Best Buy in the 2nd quarter worth approximately $35,000. Finally, Brooklyn Investment Group purchased a new stake in Best Buy in the 3rd quarter worth approximately $44,000. 80.96% of the stock is owned by hedge funds and other 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.