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

Best Buy (NYSE:BBY) had its price target cut by investment analysts at Wells Fargo & Company from $95.00 to $89.00 in a research 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 indicates a potential upside of 0.94% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Wedbush increased their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Barclays raised their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target 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, Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Down 0.4 %

Shares of NYSE BBY opened at $88.17 on Wednesday. The firm has a market cap of $18.93 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy has a 1 year low of $68.67 and a 1 year high of $103.71. The firm’s 50 day moving average price is $93.96 and its 200 day moving average price is $89.06.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. As a group, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ninety One UK Ltd acquired a new position in Best Buy during the second quarter worth about $121,325,000. Thrivent Financial for Lutherans grew its position in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares in the last quarter. Swedbank AB purchased a new stake in shares of Best Buy in the first quarter worth approximately $43,522,000. Finally, AQR Capital Management LLC grew its stake in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.