Best Buy (NYSE:BBY) Price Target Lowered to $60.00 at Citigroup

Best Buy (NYSE:BBY) had its price objective lowered by analysts at Citigroup from $69.00 to $60.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm presently has a “neutral” rating on the technology retailer’s stock. Citigroup’s price objective points to a potential upside of 4.75% from the stock’s previous close.

Several other brokerages have also recently commented on BBY. JPMorgan Chase & Co. cut shares of Best Buy from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $99.00 to $76.00 in a research report on Monday, February 2nd. DA Davidson set a $78.00 price objective on Best Buy in a report on Thursday, March 5th. Daiwa Securities Group lowered their price objective on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. HSBC cut their price objective on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Finally, Jefferies Financial Group lowered their target price on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.30.

Best Buy Trading Down 0.6%

BBY stock opened at $57.28 on Tuesday. Best Buy has a 1-year low of $56.68 and a 1-year high of $84.99. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $62.85 and its 200-day moving average is $68.71. The firm has a market cap of $12.07 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.47 and a beta of 1.22.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the transaction, the executive vice president owned 102,669 shares in the company, valued at $6,572,869.38. This represents a 7.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,298 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $211,137.96. Following the completion of the transaction, the chief accounting officer owned 23,192 shares of the company’s stock, valued at approximately $1,484,751.84. This trade represents a 12.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 77,247 shares of company stock valued at $4,945,353. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors have recently added to or reduced their stakes in the stock. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the third quarter worth $25,000. MV Capital Management Inc. bought a new stake in Best Buy in the fourth quarter valued at $25,000. Torren Management LLC bought a new position in shares of Best Buy during the 4th quarter worth about $25,000. Root Financial Partners LLC bought a new stake in Best Buy in the 3rd quarter valued at about $32,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Best Buy during the 4th quarter worth approximately $29,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.