Best Buy (NYSE:BBY) Price Target Lowered to $87.00 at DA Davidson

Best Buy (NYSE:BBY – Get Rating) had its target price decreased by DA Davidson from $96.00 to $87.00 in a research report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the technology retailer’s stock. DA Davidson’s target price suggests a potential upside of 22.05% from the company’s current price.

BBY has been the subject of several other reports. Truist Financial increased their price objective on Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, March 3rd. 58.com reissued a “maintains” rating on shares of Best Buy in a research note on Thursday, May 11th. StockNews.com assumed coverage on Best Buy in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Wedbush cut their price target on Best Buy from $85.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 18th. Finally, Credit Suisse Group cut their price target on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $78.44.

Best Buy Trading Up 3.1 %

Shares of NYSE BBY opened at $71.28 on Friday. Best Buy has a 12 month low of $60.78 and a 12 month high of $93.32. The company has a market cap of $15.59 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 1.39 and a beta of 1.50. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $73.65 and a 200-day simple moving average of $78.97.

Best Buy (NYSE:BBY – Get Rating) last announced its earnings results on Thursday, May 25th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.12 by $0.03. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The business had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same period in the prior year, the business posted $1.57 earnings per share. Best Buy’s revenue was down 11.1% compared to the same quarter last year. Sell-side analysts predict that Best Buy will post 6.19 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 2,704 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $210,776.80. Following the completion of the transaction, the chief accounting officer now owns 22,329 shares in the company, valued at approximately $1,740,545.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, EVP Damien Harmon sold 5,500 shares of Best Buy stock in a transaction on Friday, April 14th. The stock was sold at an average price of $73.21, for a total value of $402,655.00. Following the completion of the transaction, the executive vice president now owns 41,489 shares in the company, valued at approximately $3,037,409.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 2,704 shares of Best Buy stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $210,776.80. Following the completion of the transaction, the chief accounting officer now owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,774 shares of company stock worth $4,477,413. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its stake in shares of Best Buy by 12.3% in the 4th quarter. Hexagon Capital Partners LLC now owns 1,306 shares of the technology retailer’s stock valued at $105,000 after buying an additional 143 shares during the period. NorthCrest Asset Manangement LLC grew its stake in shares of Best Buy by 1.6% during the first quarter. NorthCrest Asset Manangement LLC now owns 9,250 shares of the technology retailer’s stock worth $724,000 after purchasing an additional 150 shares during the period. Laffer Tengler Investments grew its stake in shares of Best Buy by 3.4% during the third quarter. Laffer Tengler Investments now owns 4,533 shares of the technology retailer’s stock worth $287,000 after purchasing an additional 151 shares during the period. Tredje AP fonden grew its stake in shares of Best Buy by 0.4% during the fourth quarter. Tredje AP fonden now owns 40,967 shares of the technology retailer’s stock worth $3,286,000 after purchasing an additional 151 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Best Buy by 7.2% during the fourth quarter. Signaturefd LLC now owns 2,274 shares of the technology retailer’s stock worth $182,000 after purchasing an additional 152 shares during the period. 78.48% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.