Telsey Advisory Group Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY - Get Free Report) had its price target lowered by analysts at Telsey Advisory Group from $100.00 to $90.00 in a research note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage presently has an "outperform" rating on the technology retailer's stock. Telsey Advisory Group's target price suggests a potential upside of 27.24% from the stock's current price.

Several other analysts have also recently issued reports on BBY. Guggenheim dropped their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Citigroup restated a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Piper Sandler cut their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their target price on shares of Best Buy from $85.00 to $75.00 and set an "equal weight" rating for the company in a report on Monday. Finally, DA Davidson restated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy has an average rating of "Hold" and an average price target of $90.17.

Best Buy Stock Performance

BBY stock opened at $70.73 on Friday. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71. The business has a 50-day moving average price of $67.81 and a 200 day moving average price of $79.79. The company has a market capitalization of $14.97 billion, a P/E ratio of 12.09, a PEG ratio of 2.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the firm posted $2.72 EPS. As a group, equities research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last three months. 0.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Best Buy by 0.8% during the 4th 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 during the period. Charles Schwab Investment Management Inc. grew its holdings in Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares during the period. Raymond James Financial Inc. acquired a new stake in Best Buy in the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after buying an additional 239,840 shares during the period. Finally, Invesco Ltd. raised its position in Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock worth $289,051,000 after acquiring an additional 234,669 shares during the period. Hedge funds and other institutional investors 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.

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