Citigroup Cuts Best Buy (NYSE:BBY) Price Target to $109.00

Best Buy (NYSE:BBY - Get Free Report) had its price objective decreased by equities researchers at Citigroup from $115.00 to $109.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the technology retailer's stock. Citigroup's target price would indicate a potential upside of 22.22% from the company's current price.

Several other research analysts have also issued reports on BBY. BNP Paribas upgraded shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Wells Fargo & Company increased their price target on Best Buy from $80.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. Barclays boosted their price objective on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, August 30th. Finally, Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy Price Performance

BBY traded down $0.93 during trading on Friday, reaching $89.18. The stock had a trading volume of 2,630,599 shares, compared to its average volume of 2,991,839. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market capitalization of $19.15 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The stock has a 50 day moving average of $96.59 and a two-hundred day moving average of $87.56. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter last year, the business posted $1.22 earnings per share. The company's quarterly revenue was down 3.1% on a year-over-year basis. As a group, equities analysts anticipate that Best Buy will post 6.28 EPS for the current fiscal year.

Institutional Trading of Best Buy

Several large investors have recently made changes to their positions in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Best Buy by 330.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 170,155 shares of the technology retailer's stock valued at $17,577,000 after acquiring an additional 130,608 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of Best Buy in the third quarter valued at approximately $223,000. Moran Wealth Management LLC bought a new position in shares of Best Buy in the third quarter valued at approximately $6,449,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of Best Buy in the third quarter worth $358,000. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth $222,000. 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.