Best Buy (NYSE:BBY) Receives "Neutral" Rating from Citigroup

Best Buy (NYSE:BBY - Get Free Report)'s stock had its "neutral" rating reissued by investment analysts at Citigroup in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $70.00 price target on the technology retailer's stock, down from their previous price target of $93.00. Citigroup's price objective would suggest a potential upside of 17.10% from the company's current price.

A number of other equities analysts have also weighed in on BBY. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. DA Davidson cut their price objective on Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Wedbush reiterated a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Guggenheim reduced their price objective on Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Stock Performance

NYSE BBY traded down $1.45 on Thursday, reaching $59.78. 2,257,678 shares of the stock were exchanged, compared to its average volume of 3,338,874. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a one year low of $57.34 and a one year high of $103.71. The company's 50-day simple moving average is $80.54 and its two-hundred day simple moving average is $86.88. The firm has a market capitalization of $12.63 billion, a PE ratio of 10.20, a PEG ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the firm earned $2.72 earnings per share. Analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Activity

In related news, CEO Corie S. Barry bought 13,500 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were 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 of the company's stock, valued at $2,348,048. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Best Buy during the 4th quarter worth about $514,483,000. Norges Bank bought a new stake in Best Buy during the 4th quarter valued at $178,015,000. Northern Trust Corp boosted its position in Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after purchasing an additional 701,287 shares in the last quarter. Invesco Ltd. grew its stake in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after purchasing an additional 629,180 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after buying an additional 561,413 shares during the last quarter. Institutional investors 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.