Citigroup Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective decreased by analysts at Citigroup from $105.00 to $93.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. Citigroup’s price target suggests a potential upside of 23.51% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group reduced their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. Truist Financial reduced their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Barclays cut their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday. Finally, Guggenheim dropped their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.00.

Best Buy Trading Up 0.1 %

Shares of NYSE:BBY traded up $0.10 during trading on Wednesday, reaching $75.30. 1,124,954 shares of the company were exchanged, compared to its average volume of 2,806,808. The business’s fifty day simple moving average is $86.20 and its 200-day simple moving average is $90.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The firm has a market capitalization of $16.10 billion, a PE ratio of 12.87, a P/E/G ratio of 2.10 and a beta of 1.43.

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

Insider Buying and Selling at Best Buy

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

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Rakuten Securities Inc. increased its stake in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy in the fourth quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy in the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC raised its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after buying an additional 374 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.