Best Buy (NYSE:BBY) Price Target Lowered to $89.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price cut by equities research analysts at Wells Fargo & Company from $95.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 0.24% from the company’s previous close.

A number of other analysts have also weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Loop Capital cut their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays increased their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Truist Financial increased their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Stock Up 0.4 %

BBY stock traded up $0.31 during trading on Wednesday, reaching $88.79. The stock had a trading volume of 1,492,998 shares, compared to its average volume of 3,054,483. Best Buy has a 1-year low of $68.67 and a 1-year 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 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. The firm has a fifty day moving average price of $94.38 and a 200 day moving average price of $89.07.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Investors Weigh In On Best Buy

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