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

Best Buy (NYSE:BBY) had its price target reduced by equities researchers at Loop Capital from $110.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price target suggests a potential upside of 14.29% from the company’s current price.

BBY has been the topic of a number of other reports. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Wedbush upped their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.82.

Best Buy Trading Down 1.1 %

Best Buy stock traded down $0.98 during mid-day trading on Wednesday, hitting $87.50. The company’s stock had a trading volume of 390,290 shares, compared to its average volume of 3,049,784. 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 firm has a market capitalization of $18.79 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The stock’s fifty day moving average is $94.38 and its two-hundred day moving average is $89.07.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS 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 company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Best Buy will post 6.28 EPS for the current year.

Institutional Investors Weigh In On Best Buy

Large investors have recently modified their holdings of the stock. QRG Capital Management Inc. boosted its stake in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. GAMMA Investing LLC boosted its holdings in Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of 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 purchasing 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% during 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 buying an additional 18,171 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.