Wedbush Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target lowered by stock analysts at Wedbush from $80.00 to $70.00 in a report issued on Tuesday,MarketScreener reports. The brokerage presently has a “neutral” rating on the technology retailer’s stock. Wedbush’s price objective would suggest a potential upside of 9.66% from the company’s current price.

Several other research firms have also commented on BBY. BNP Paribas Exane lowered their price target on Best Buy from $69.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. Jefferies Financial Group decreased their target price on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. UBS Group lifted their target price on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. Guggenheim reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Wednesday, November 26th. Finally, Truist Financial lowered their price objective on shares of Best Buy from $77.00 to $73.00 and set a “hold” rating for the company in a research note on Friday, January 16th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $79.79.

Best Buy Trading Up 1.8%

Shares of BBY stock opened at $63.83 on Tuesday. Best Buy has a 1-year low of $54.99 and a 1-year high of $91.20. The firm has a market cap of $13.38 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 1.54 and a beta of 1.44. The company has a 50-day moving average of $67.85 and a two-hundred day moving average of $73.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping the consensus estimate of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 EPS. On average, analysts predict that Best Buy will post 6.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. AQR Capital Management LLC increased its stake in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $174,685,000. Schroder Investment Management Group boosted its holdings in shares of Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock valued at $207,216,000 after buying an additional 2,449,342 shares during the period. KBC Group NV increased its position in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after acquiring an additional 785,294 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer’s stock worth $51,614,000 after acquiring an additional 766,006 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.