Morgan Stanley Lowers Best Buy (NYSE:BBY) Price Target to $100.00

Best Buy (NYSE:BBY) had its price objective decreased by equities research analysts at Morgan Stanley from $105.00 to $100.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s price objective would indicate a potential upside of 18.86% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Truist Financial decreased their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. UBS Group decreased their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Telsey Advisory Group reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Trading Up 2.7 %

BBY traded up $2.23 during trading on Tuesday, reaching $84.13. The company had a trading volume of 750,478 shares, compared to its average volume of 2,277,510. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business has a 50 day simple moving average of $87.02 and a 200-day simple moving average of $90.20. The stock has a market cap of $17.99 billion, a P/E ratio of 14.39, a PEG ratio of 2.06 and a beta of 1.43. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. On average, equities analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was 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 trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Institutional investors have recently bought and sold shares of the stock. Trust Co. of Vermont raised its holdings in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the 3rd quarter worth $40,000. LRI Investments LLC lifted its position in Best Buy by 632.1% during 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. Brooklyn Investment Group purchased a new stake in Best Buy during the 3rd quarter valued at about $44,000. Finally, Hershey Financial Advisers LLC acquired a new position in shares of Best Buy in the second quarter valued at about $48,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.