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

Best Buy (NYSE:BBY) had its price target lowered by stock analysts at Loop Capital from $110.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price objective indicates a potential upside of 13.42% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Truist Financial lifted their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Finally, UBS Group lifted 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Stock Down 0.4 %

Best Buy stock opened at $88.17 on Wednesday. The business’s 50-day moving average price is $93.96 and its 200 day moving average price is $89.06. 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 price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 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 business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the company earned $1.22 EPS. The business’s revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Richardson Financial Services Inc. grew its holdings in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC acquired a new position in Best Buy in the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the 3rd quarter valued at approximately $40,000. LRI Investments LLC increased its holdings in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Whittier Trust Co. raised its position in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the period. 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.