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

Best Buy (NYSE:BBY) had its target price dropped by research analysts at Citigroup from $105.00 to $93.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Citigroup’s price objective suggests a potential upside of 18.33% from the stock’s previous close.

Several other research analysts have also issued reports on BBY. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. UBS Group restated a “buy” rating and issued a $105.00 price target (down from $115.00) on shares of Best Buy in a research report on Friday, February 28th. JPMorgan Chase & Co. reduced their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Trading Up 4.1 %

BBY stock opened at $78.60 on Wednesday. The business has a fifty day moving average price of $85.75 and a 200 day moving average price of $90.43. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a market capitalization of $16.80 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the company earned $2.72 EPS. Analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at about $514,483,000. Geode Capital Management LLC increased its position in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after acquiring an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.