Best Buy (NYSE:BBY) Given New $100.00 Price Target at Telsey Advisory Group

Best Buy (NYSE:BBY) had its price target lowered by analysts at Telsey Advisory Group from $110.00 to $100.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s price target indicates a potential upside of 32.63% from the company’s previous close.

Several other research firms have also recently commented on BBY. Guggenheim cut their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. UBS Group reiterated a “buy” rating on shares of Best Buy in a research note on Friday. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Loop Capital reaffirmed a “buy” rating and set a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.78.

Best Buy Stock Performance

Shares of BBY stock opened at $75.40 on Wednesday. The stock’s 50-day moving average is $86.20 and its two-hundred day moving average is $90.62. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market cap of $16.12 billion, a P/E ratio of 12.89, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company posted $2.72 EPS. Analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BBY. Raymond James Financial Inc. acquired a new position in Best Buy during the fourth quarter worth $514,483,000. Norges Bank acquired a new stake in Best Buy in the 4th quarter valued at about $178,015,000. Northern Trust Corp grew its holdings in Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after purchasing an additional 701,287 shares during the period. Invesco Ltd. increased its position in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after buying an additional 629,180 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock valued at $95,661,000 after buying an additional 561,413 shares during the last quarter. 80.96% of the stock is 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.