UBS Group Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective reduced by stock analysts at UBS Group from $123.00 to $115.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. UBS Group’s price target would indicate a potential upside of 29.52% from the company’s previous close.

BBY has been the topic of a number of other research reports. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Finally, Wells Fargo & Company decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Up 0.4 %

Shares of BBY traded up $0.31 during midday trading on Wednesday, reaching $88.79. 1,492,998 shares of the stock were exchanged, compared to its average volume of 3,054,483. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71. 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 company’s 50 day moving average is $94.38 and its two-hundred day moving average is $89.07. The company has a market capitalization of $19.07 billion, a P/E ratio of 15.31, a PEG 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 analysts’ consensus estimates 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 the consensus estimate of $9.23 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The business’s revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Ninety One UK Ltd acquired a new stake in Best Buy during the second quarter worth about $121,325,000. Thrivent Financial for Lutherans grew its holdings in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after acquiring an additional 1,074,718 shares during the period. Bank of New York Mellon Corp grew its holdings in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the period. Swedbank AB acquired a new stake in Best Buy during the first quarter worth about $43,522,000. Finally, AQR Capital Management LLC grew its holdings in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

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.