Citigroup Reiterates “Neutral” Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating reissued by equities researchers at Citigroup in a note issued to investors on Thursday, Marketbeat.com reports. They presently have a $70.00 price target on the technology retailer’s stock, down from their previous price target of $93.00. Citigroup’s price objective would indicate a potential upside of 16.13% from the stock’s previous close.

BBY has been the topic of several other research reports. Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Wedbush reissued a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Finally, Guggenheim dropped their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average price target of $92.22.

Best Buy Trading Down 3.1 %

Shares of Best Buy stock opened at $60.28 on Thursday. The firm’s 50 day simple moving average is $81.02 and its two-hundred day simple moving average is $87.32. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 2.10 and a beta of 1.42. Best Buy has a 12-month low of $57.34 and a 12-month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm earned $2.72 EPS. Analysts predict that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. This trade represents a 13.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last ninety days. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its holdings in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares during the period. Mariner LLC grew its position in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after acquiring an additional 129 shares during the period. LRI Investments LLC increased its stake in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after acquiring an additional 141 shares during the last quarter. Rothschild Investment LLC raised its position in Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares during the period. Finally, Independent Advisor Alliance lifted its stake in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares during the last quarter. Institutional investors and hedge funds 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.