Wells Fargo & Company Lowers Best Buy (NYSE:BBY) Price Target to $89.00

Best Buy (NYSE:BBY - Get Free Report) had its price target reduced by equities research analysts at Wells Fargo & Company from $95.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the technology retailer's stock. Wells Fargo & Company's target price suggests a potential upside of 0.96% from the company's previous close.

A number of other equities analysts have also weighed in on BBY. Wedbush upped their target price on Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, August 30th. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. DA Davidson reaffirmed a "buy" rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Loop Capital cut their price target on shares of Best Buy from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, UBS Group raised their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $100.82.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.33 during trading hours on Wednesday, reaching $88.15. The company had a trading volume of 4,011,815 shares, compared to its average volume of 3,065,271. The firm has a market cap of $18.93 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy has a one year low of $68.67 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The business has a fifty day simple moving average of $94.16 and a 200 day simple moving average of $89.07.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Richardson Financial Services Inc. increased its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC purchased a new position in shares of Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy during the third quarter valued at approximately $40,000. LRI Investments LLC raised its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Finally, Whittier Trust Co. lifted its stake in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after acquiring an additional 171 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.