Best Buy (NYSE:BBY) Given New $105.00 Price Target at Guggenheim

Best Buy (NYSE:BBY) had its target price cut by Guggenheim from $110.00 to $105.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology retailer’s stock. Guggenheim’s price target suggests a potential upside of 19.09% from the company’s current price.

A number of other research firms have also recently commented on BBY. UBS Group dropped their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. Bank of America lifted their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Telsey Advisory Group lowered their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Trading Down 0.4 %

Best Buy stock opened at $88.17 on Friday. The stock has a market cap of $18.93 billion, a PE ratio of 15.07, a P/E/G ratio of 2.34 and a beta of 1.47. The stock has a 50-day moving average price of $93.96 and a 200 day moving average price of $89.06. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. Equities research analysts predict that Best Buy will post 6.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Tidal Investments LLC lifted its position in Best Buy by 25.3% during the 1st quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock worth $1,237,000 after acquiring an additional 3,044 shares in the last quarter. Comerica Bank raised its position in shares of Best Buy by 0.8% in the 1st quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after purchasing an additional 298 shares in the last quarter. iA Global Asset Management Inc. raised its position in shares of Best Buy by 761.4% in the 1st quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock valued at $430,000 after purchasing an additional 4,637 shares in the last quarter. PGGM Investments acquired a new position in shares of Best Buy in the 1st quarter valued at approximately $174,000. Finally, Cetera Investment Advisers raised its position in shares of Best Buy by 155.0% in the 1st quarter. Cetera Investment Advisers now owns 54,480 shares of the technology retailer’s stock valued at $4,469,000 after purchasing an additional 33,115 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.