Best Buy (NYSE:BBY) Price Target Cut to $67.00 by Analysts at Citigroup

Best Buy (NYSE:BBY) had its price objective lowered by Citigroup from $76.00 to $67.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “sell” rating on the technology retailer’s stock. Citigroup’s price objective suggests a potential downside of 8.49% from the company’s current price.

BBY has been the topic of a number of other research reports. Truist Financial raised their price target on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $85.00 to $95.00 in a report on Wednesday, March 20th. Jefferies Financial Group dropped their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group raised their price target on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $84.00.

Best Buy Stock Up 0.2 %

BBY opened at $73.22 on Tuesday. Best Buy has a 12 month low of $62.30 and a 12 month high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The business’s 50-day moving average price is $77.75 and its 200-day moving average price is $74.34. The company has a market cap of $15.84 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.94 and a beta of 1.50.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the previous year, the firm earned $2.61 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts expect that Best Buy will post 6.03 EPS for the current year.

Insider Buying and Selling

In other news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the sale, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently made changes to their positions in the company. Rise Advisors LLC raised its position in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. MCF Advisors LLC raised its position in Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares during the last quarter. Hartford Financial Management Inc. raised its position in Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the last quarter. UMB Bank n.a. raised its position in Best Buy by 4.0% in the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after buying an additional 148 shares during the last quarter. Finally, PrairieView Partners LLC raised its position in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the last quarter. Institutional investors 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.