Best Buy (NYSE:BBY) Price Target Cut to $89.00 by Analysts at Wells Fargo & Company

Best Buy (NYSE:BBY) had its price target reduced by Wells Fargo & Company from $95.00 to $89.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 0.94% from the stock’s current price.

BBY has been the subject of a number of other reports. Loop Capital lowered their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Wedbush increased their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective for the company. UBS Group raised their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Stock Down 0.4 %

NYSE BBY opened at $88.17 on Wednesday. The stock’s 50 day moving average is $93.96 and its two-hundred day moving average is $89.06. Best Buy has a 1-year low of $68.67 and a 1-year high of $103.71. The company has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 EPS. Equities 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 hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its holdings in shares of Best Buy by 25.3% during the 1st quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after purchasing an additional 3,044 shares during the last quarter. Comerica Bank boosted its position in Best Buy by 0.8% in the 1st quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after buying an additional 298 shares during the period. iA Global Asset Management Inc. increased its stake in shares of Best Buy by 761.4% during the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock valued at $430,000 after buying an additional 4,637 shares during the period. Virtu Financial LLC purchased a new position in Best Buy during the first quarter valued at approximately $994,000. Finally, Swedbank AB purchased a new stake in shares of Best Buy during the first quarter valued at about $43,522,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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.