Best Buy (NYSE:BBY) Price Target Lowered to $67.00 at Citigroup

Best Buy (NYSE:BBY - Get Free Report) had its price target lowered by investment analysts at Citigroup from $76.00 to $67.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a "sell" rating on the technology retailer's stock. Citigroup's price target would indicate a potential downside of 8.29% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group cut their price objective on shares of Best Buy from $95.00 to $94.00 and set a "buy" rating on the stock in a research note on Monday, April 8th. TheStreet upgraded shares of Best Buy from a "c" rating to a "b-" rating in a report on Thursday, February 29th. Truist Financial boosted their target price on Best Buy from $68.00 to $87.00 and gave the stock a "hold" rating in a report on Friday, March 1st. The Goldman Sachs Group upped their target price on Best Buy from $81.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, March 1st. Finally, Morgan Stanley lifted their price target on Best Buy from $80.00 to $82.00 and gave the company an "equal weight" rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $84.00.

Best Buy Stock Performance

NYSE:BBY traded down $1.34 during mid-day trading on Tuesday, hitting $73.06. The stock had a trading volume of 2,609,018 shares, compared to its average volume of 2,925,016. Best Buy has a 52 week low of $62.30 and a 52 week high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $15.81 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 1.94 and a beta of 1.50. The company has a 50 day simple moving average of $77.87 and a 200-day simple moving average of $74.31.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company had revenue of $14.65 billion for the quarter, compared to analysts' expectations of $14.58 billion. During the same quarter in the previous year, the company posted $2.61 earnings per share. The business's revenue for the quarter was down .6% compared to the same quarter last year. On average, research analysts expect that Best Buy will post 6.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Todd G. Hartman sold 3,973 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the company's stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. Company insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

Institutional investors have recently bought and sold shares of the company. Cerity Partners LLC lifted its holdings in shares of Best Buy by 8.4% during the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer's stock valued at $8,100,000 after buying an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in shares of Best Buy during the 4th quarter worth $317,000. Mirabella Financial Services LLP bought a new position in shares of Best Buy during the 3rd quarter valued at $831,000. Van ECK Associates Corp raised its holdings in shares of Best Buy by 35.6% during the 3rd quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer's stock valued at $6,550,000 after purchasing an additional 24,763 shares in the last quarter. Finally, abrdn plc boosted its holdings in Best Buy by 12.5% in the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer's stock worth $60,277,000 after purchasing an additional 85,286 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Company Profile

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.