Wedbush Cuts Best Buy (NYSE:BBY) Price Target to $70.00

Best Buy (NYSE:BBY) had its target price lowered by Wedbush from $80.00 to $70.00 in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm currently has a neutral rating on the technology retailer’s stock.

Several other equities research analysts also recently commented on BBY. Truist Financial reduced their price objective on Best Buy from $77.00 to $73.00 and set a “hold” rating for the company in a report on Friday, January 16th. Guggenheim reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday, November 26th. UBS Group boosted their price objective on shares of Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Jefferies Financial Group dropped their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Finally, The Goldman Sachs Group decreased their target price on shares of Best Buy from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $79.79.

Best Buy Price Performance

Shares of NYSE BBY opened at $62.82 on Tuesday. The firm has a market cap of $13.16 billion, a P/E ratio of 20.80, a PEG ratio of 1.49 and a beta of 1.44. Best Buy has a twelve month low of $54.99 and a twelve month high of $90.86. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a 50 day moving average of $67.29 and a 200 day moving average of $73.04.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. The business had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.26 EPS. As a group, research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. grew its holdings in Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares during the period. Torren Management LLC purchased a new position in shares of Best Buy during the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy during the 4th quarter valued at approximately $25,000. Palisade Asset Management LLC bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $25,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $29,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.