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

Best Buy (NYSE:BBY - Get Free Report) had its price target cut by equities researchers at UBS Group from $95.00 to $90.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the technology retailer's stock. UBS Group's price target would suggest a potential upside of 35.85% from the company's current price.

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. DA Davidson reiterated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Finally, Truist Financial cut their target price on Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $86.11.

Best Buy Price Performance

Shares of Best Buy stock traded down $0.07 during trading on Friday, reaching $66.25. 6,438,698 shares of the company's stock were exchanged, compared to its average volume of 3,346,222. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a market cap of $14.02 billion, a P/E ratio of 11.32, a PEG ratio of 2.10 and a beta of 1.27. The firm's 50-day moving average price is $67.25 and its 200 day moving average price is $78.85.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. Best Buy's revenue was down .9% on a year-over-year basis. As a group, research analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently modified their holdings of BBY. Janney Montgomery Scott LLC raised its stake in shares of Best Buy by 60.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,670 shares of the technology retailer's stock worth $1,430,000 after purchasing an additional 6,274 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Best Buy by 45.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 3,497 shares of the technology retailer's stock valued at $300,000 after acquiring an additional 1,097 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Best Buy by 76.1% during the fourth quarter. Pacer Advisors Inc. now owns 25,656 shares of the technology retailer's stock valued at $2,201,000 after acquiring an additional 11,090 shares during the last quarter. Forsta AP Fonden increased its position in shares of Best Buy by 28.4% during the fourth quarter. Forsta AP Fonden now owns 66,400 shares of the technology retailer's stock valued at $5,697,000 after acquiring an additional 14,700 shares during the last quarter. Finally, Independence Bank of Kentucky increased its position in shares of Best Buy by 1,070.0% during the fourth quarter. Independence Bank of Kentucky now owns 2,925 shares of the technology retailer's stock valued at $251,000 after acquiring an additional 2,675 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.