Truist Financial Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective dropped by research analysts at Truist Financial from $95.00 to $81.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price objective points to a potential upside of 5.86% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Loop Capital reissued a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Telsey Advisory Group lowered their target price on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday. JPMorgan Chase & Co. dropped their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, UBS Group reiterated a “buy” rating on shares of Best Buy in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.83.

Best Buy Stock Up 1.7 %

Shares of NYSE BBY traded up $1.31 during mid-day trading on Wednesday, reaching $76.51. The company had a trading volume of 2,020,903 shares, compared to its average volume of 2,828,387. The stock has a market capitalization of $16.36 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock’s 50 day moving average is $86.20 and its 200-day moving average is $90.62. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during 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 prior year, the company posted $2.72 EPS. As a group, equities analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on 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 completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $514,483,000. Norges Bank bought a new position in Best Buy in the fourth quarter worth about $178,015,000. Northern Trust Corp lifted its holdings in Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after buying an additional 701,287 shares during the period. Invesco Ltd. boosted its position in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after acquiring an additional 561,413 shares during the period. 80.96% of the stock is currently 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.