Best Buy (NYSE:BBY) Price Target Cut to $70.00 by Analysts at Wedbush

Best Buy (NYSE:BBY - Get Free Report) had its target price cut by investment analysts at Wedbush from $75.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the technology retailer's stock. Wedbush's target price would suggest a potential upside of 5.66% from the company's previous close.

Several other brokerages have also commented on BBY. Citigroup reiterated a "neutral" rating and issued a $70.00 target price (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. UBS Group set a $105.00 target price on Best Buy in a research report on Wednesday, March 5th. Morgan Stanley cut their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price 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. Finally, Evercore ISI decreased their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $86.11.

Best Buy Trading Down 0.1%

NYSE BBY traded down $0.07 during trading hours on Friday, hitting $66.25. 6,438,698 shares of the company's stock were exchanged, compared to its average volume of 3,346,222. The business's 50 day moving average is $67.25 and its 200-day moving average is $78.85. The firm has a market capitalization of $14.02 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. 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 12-month low of $54.99 and a 12-month high of $103.71.

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

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,951 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the sale, the chief accounting officer now owns 21,371 shares of the company's stock, valued at $1,552,603.15. This represents a 12.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. grew its holdings in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the last quarter. Rakuten Securities Inc. lifted its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Best Buy during the 4th quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new position in Best Buy during the 4th quarter valued at about $32,000. Finally, Atlas Capital Advisors Inc. lifted its position in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. 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.