Best Buy (NYSE:BBY) Price Target Lowered to $110.00 at Telsey Advisory Group

Best Buy (NYSE:BBY) had its price target dropped by equities researchers at Telsey Advisory Group from $115.00 to $110.00 in a report released on Tuesday, MarketBeat reports. The firm currently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s price objective would suggest a potential upside of 24.79% from the company’s current price.

Several other research firms also recently commented on BBY. DA Davidson restated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. UBS Group boosted their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Down 0.4 %

Shares of NYSE BBY opened at $88.15 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company’s fifty day simple moving average is $94.16 and its 200 day simple moving average is $89.07. Best Buy has a 12-month low of $68.67 and a 12-month high of $103.71.

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

Institutional Investors Weigh In On Best Buy

Several large investors have recently modified their holdings of BBY. Park Avenue Securities LLC grew its holdings in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after purchasing an additional 103 shares during the period. Greenleaf Trust increased its holdings in Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC raised its stake in Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares during the period. Tobam lifted its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC boosted its position in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 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.