Best Buy (NYSE:BBY) Given New $90.00 Price Target at Guggenheim

Best Buy (NYSE:BBY) had its price target dropped by equities research analysts at Guggenheim from $105.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. Guggenheim’s target price suggests a potential upside of 18.18% from the company’s current price.

Several other analysts have also weighed in on BBY. Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. UBS Group reiterated a “buy” rating on shares of Best Buy in a research report on Friday. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Wells Fargo & Company reiterated an “equal weight” rating on shares of Best Buy in a report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Best Buy Price Performance

BBY stock opened at $76.15 on Wednesday. The company’s 50-day moving average price is $86.20 and its two-hundred day moving average price is $90.62. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market cap of $16.28 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.10 and a beta of 1.43.

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

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BBY. Vanguard Group Inc. increased its holdings in shares of Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after acquiring an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after buying an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at about $514,483,000. Geode Capital Management LLC increased its position in shares of Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after acquiring an additional 459,353 shares during the last quarter. 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.