Best Buy (NYSE:BBY) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Best Buy (NYSE:BBY – Get Rating) had its target price reduced by analysts at Wells Fargo & Company from $80.00 to $75.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 5.22% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and cut their price target for the company from $88.00 to $83.00 in a report on Monday, February 27th. Credit Suisse Group cut their price target on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Citigroup lowered their price objective on Best Buy from $72.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, May 18th. Wedbush lowered their price objective on Best Buy from $85.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, May 18th. Finally, DA Davidson lowered their price objective on Best Buy from $99.00 to $96.00 and set a “buy” rating on the stock in a research report on Friday, March 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $79.69.

Best Buy Trading Up 3.1 %

Shares of Best Buy stock opened at $71.28 on Friday. The business has a fifty day simple moving average of $73.65 and a two-hundred day simple moving average of $78.97. Best Buy has a 1 year low of $60.78 and a 1 year high of $93.32. The company has a market capitalization of $15.59 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 1.39 and a beta of 1.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41.

Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.03. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The business had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same quarter last year, the firm posted $1.57 EPS. The company’s quarterly revenue was down 11.1% on a year-over-year basis. Research analysts forecast that Best Buy will post 6.19 EPS for the current year.

Insider Activity

In other news, CEO Corie S. Barry sold 25,511 shares of Best Buy stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the sale, the chief executive officer now directly owns 364,041 shares of the company’s stock, valued at $28,376,995.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Damien Harmon sold 5,500 shares of Best Buy stock in a transaction that occurred on Friday, April 14th. The stock was sold at an average price of $73.21, for a total value of $402,655.00. Following the transaction, the executive vice president now directly owns 41,489 shares of the company’s stock, valued at $3,037,409.69. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 25,511 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $1,988,582.45. Following the completion of the transaction, the chief executive officer now directly owns 364,041 shares in the company, valued at $28,376,995.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its holdings in Best Buy by 7.2% in the first quarter. ProShare Advisors LLC now owns 45,189 shares of the technology retailer’s stock worth $3,537,000 after purchasing an additional 3,054 shares in the last quarter. Brandywine Global Investment Management LLC boosted its position in Best Buy by 50.3% in the first quarter. Brandywine Global Investment Management LLC now owns 313,703 shares of the technology retailer’s stock worth $24,554,000 after purchasing an additional 105,037 shares during the last quarter. Toroso Investments LLC lifted its position in shares of Best Buy by 22.6% during the 1st quarter. Toroso Investments LLC now owns 26,725 shares of the technology retailer’s stock valued at $2,092,000 after buying an additional 4,919 shares during the last quarter. Advisory Services Network LLC lifted its position in shares of Best Buy by 391.2% during the 1st quarter. Advisory Services Network LLC now owns 4,151 shares of the technology retailer’s stock valued at $325,000 after buying an additional 3,306 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Best Buy by 25.7% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 81,209 shares of the technology retailer’s stock worth $6,356,000 after purchasing an additional 16,588 shares in the last quarter. 78.48% of the stock is owned by institutional investors and hedge funds.

About Best Buy

(Get Rating)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.