Best Buy (NYSE:BBY) Given New $85.00 Price Target at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price lowered by stock analysts at Wells Fargo & Company from $89.00 to $85.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.80% from the company’s current price.

Other research analysts have also issued reports about the company. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday. UBS Group reissued a “buy” rating and set a $105.00 price target (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday. Truist Financial cut their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Wedbush reissued a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 0.2 %

Shares of BBY traded up $0.16 during mid-day trading on Wednesday, reaching $75.36. The stock had a trading volume of 5,763,239 shares, compared to its average volume of 2,919,861. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The business’s fifty day moving average is $86.20 and its 200 day moving average is $90.62. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the previous year, the business earned $2.72 earnings per share. On average, sell-side analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently bought and sold shares of the stock. IFP Advisors Inc increased its stake in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the period. Mariner LLC increased its holdings in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after buying an additional 129 shares in the last quarter. LRI Investments LLC raised its position in Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after purchasing an additional 141 shares during the last quarter. Rothschild Investment LLC grew its holdings in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance increased its stake in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after buying an additional 142 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.