Best Buy (NYSE:BBY) Price Target Lowered to $101.00 at Citigroup

Best Buy (NYSE:BBY) had its price target dropped by analysts at Citigroup from $109.00 to $101.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. Citigroup’s price objective would suggest a potential upside of 13.13% from the stock’s current price.

A number of other brokerages have also weighed in on BBY. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Melius Research began coverage on Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $102.35.

Best Buy Trading Up 0.9 %

BBY traded up $0.80 on Wednesday, hitting $89.28. 746,593 shares of the company were exchanged, compared to its average volume of 3,050,772. The firm has a fifty day simple moving average of $94.38 and a two-hundred day simple moving average of $89.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy has a 12 month low of $68.67 and a 12 month high of $103.71. The stock has a market capitalization of $19.17 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47.

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 the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the company earned $1.22 EPS. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Best Buy will post 6.28 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its stake in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the last quarter. GAMMA Investing LLC grew its holdings in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. grew its holdings in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after acquiring an additional 18,171 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.