Citigroup Cuts Best Buy (NYSE:BBY) Price Target to $93.00

Best Buy (NYSE:BBY - Get Free Report) had its price target dropped by equities research analysts at Citigroup from $105.00 to $93.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the technology retailer's stock. Citigroup's price objective would suggest a potential upside of 16.75% from the stock's current price.

A number of other research firms also recently commented on BBY. Jefferies Financial Group decreased their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Morgan Stanley decreased their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday. Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company reissued an "equal weight" rating on shares of Best Buy in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.50.

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Best Buy Stock Performance

NYSE BBY traded up $1.06 during trading on Wednesday, reaching $79.66. The company's stock had a trading volume of 3,116,016 shares, compared to its average volume of 2,963,150. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71. The business's fifty day moving average price is $85.58 and its 200-day moving average price is $90.43.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $13.69 billion. During the same period in the previous year, the business posted $2.72 earnings per share. As a group, analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company's stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after acquiring an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the fourth quarter worth $514,483,000. Geode Capital Management LLC increased its position in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

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.