Evercore ISI Cuts Best Buy (NYSE:BBY) Price Target to $80.00

Best Buy (NYSE:BBY) had its price target reduced by analysts at Evercore ISI from $95.00 to $80.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s price target would suggest a potential upside of 5.53% from the stock’s previous close.

BBY has been the topic of a number of other research reports. Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Wedbush restated a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday. Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. UBS Group reaffirmed a “buy” rating on shares of Best Buy in a research report on Friday. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $97.67.

Best Buy Trading Up 0.8 %

Shares of BBY stock traded up $0.61 on Wednesday, hitting $75.81. The company had a trading volume of 894,227 shares, compared to its average volume of 2,795,976. The stock’s 50-day moving average is $86.20 and its two-hundred day moving average is $90.62. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market cap of $16.21 billion, a P/E ratio of 12.96, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71.

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

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently made changes to their positions in the business. Rakuten Securities Inc. increased its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in Best Buy in the fourth quarter worth about $31,000. Golden State Wealth Management LLC bought a new stake in Best Buy during the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. grew its holdings in shares of 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 acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC grew its holdings 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 worth $32,000 after acquiring an additional 374 shares during the period. 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.