Best Buy (NYSE:BBY) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Best Buy (NYSE:BBY – Get Rating) had its price objective lowered by analysts at Wells Fargo & Company from $80.00 to $75.00 in a research note issued on Friday, The Fly reports. The firm currently has a “buy” rating on the technology retailer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 5.22% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. StockNews.com assumed coverage on shares of Best Buy in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Truist Financial raised their target price on shares of Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, March 3rd. DA Davidson lowered their price objective on Best Buy from $99.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. Citigroup lowered their price target on Best Buy from $72.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, May 18th. Finally, Barclays decreased their target price on Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.69.

Best Buy Stock Performance

Shares of BBY stock opened at $71.28 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.41 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $15.59 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 1.39 and a beta of 1.50. The firm has a fifty day simple moving average of $73.65 and a two-hundred day simple moving average of $78.97. Best Buy has a 12 month low of $60.78 and a 12 month high of $93.32.

Best Buy (NYSE:BBY – Get Rating) last issued its quarterly earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.53 billion. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 EPS. Analysts forecast that Best Buy will post 6.19 EPS for the current fiscal year.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,704 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $210,776.80. Following the completion of the sale, the chief accounting officer now directly owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Mathew Watson sold 2,704 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $210,776.80. Following the sale, the chief accounting officer now owns 22,329 shares in the company, valued at approximately $1,740,545.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $559,758.95. Following the sale, the chief financial officer now owns 72,243 shares in the company, valued at approximately $5,631,341.85. The disclosure for this sale can be found here. Insiders sold a total of 57,774 shares of company stock valued at $4,477,413 in the last three months. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC lifted its stake in shares of Best Buy by 7.2% during the first quarter. ProShare Advisors LLC now owns 45,189 shares of the technology retailer’s stock worth $3,537,000 after purchasing an additional 3,054 shares in the last quarter. Brandywine Global Investment Management LLC increased its holdings in Best Buy by 50.3% in the first quarter. Brandywine Global Investment Management LLC now owns 313,703 shares of the technology retailer’s stock valued at $24,554,000 after buying an additional 105,037 shares during the last quarter. Toroso Investments LLC increased its holdings in Best Buy by 22.6% in the first quarter. Toroso Investments LLC now owns 26,725 shares of the technology retailer’s stock valued at $2,092,000 after buying an additional 4,919 shares during the last quarter. Advisory Services Network LLC increased its holdings in Best Buy by 391.2% in the first quarter. Advisory Services Network LLC now owns 4,151 shares of the technology retailer’s stock valued at $325,000 after buying an additional 3,306 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Best Buy by 25.7% during the first quarter. Mercer Global Advisors Inc. ADV now owns 81,209 shares of the technology retailer’s stock valued at $6,356,000 after purchasing an additional 16,588 shares during the last quarter. Institutional investors and hedge funds own 78.48% of the company’s stock.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.