Best Buy (NYSE:BBY) Price Target Cut to $110.00 by Analysts at DA Davidson

Best Buy (NYSE:BBY) had its target price decreased by investment analysts at DA Davidson from $117.00 to $110.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. DA Davidson’s price objective indicates a potential upside of 45.13% from the company’s current price.

A number of other research firms have also weighed in on BBY. JPMorgan Chase & Co. decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group reiterated a “buy” rating on shares of Best Buy in a research report on Friday. Loop Capital restated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Bank of America reduced their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday. Finally, Citigroup lowered their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.61.

Best Buy Price Performance

Shares of NYSE:BBY traded up $0.59 during trading on Wednesday, reaching $75.79. The stock had a trading volume of 1,358,613 shares, compared to its average volume of 2,811,551. The business has a fifty day moving average price of $86.20 and a 200-day moving average price of $90.62. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market cap of $16.20 billion, a PE ratio of 12.97, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the firm earned $2.72 earnings per share. On average, equities analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its stake in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Pinnacle Financial Partners Inc acquired a new stake in Best Buy in the 4th quarter valued at about $3,293,000. Klein Pavlis & Peasley Financial Inc. raised its position in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares in the last quarter. Finally, Alberta Investment Management Corp boosted its stake in shares of Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.