Morgan Stanley Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY - Get Free Report) had its target price lowered by analysts at Morgan Stanley from $105.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the technology retailer's stock. Morgan Stanley's price objective points to a potential upside of 18.28% from the company's previous close.

A number of other analysts have also recently issued reports on BBY. Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Tuesday, November 26th. Guggenheim reduced their price objective on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a research report on Friday, November 29th. DA Davidson reissued a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group reduced their target price on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Finally, Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $101.72.

Best Buy Stock Up 3.2 %

Shares of BBY stock traded up $2.64 during trading on Tuesday, reaching $84.54. The company's stock had a trading volume of 2,713,704 shares, compared to its average volume of 2,451,409. The business has a fifty day moving average price of $87.02 and a 200-day moving average price of $90.20. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.08 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 2.06 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.29 earnings per share. Analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in BBY. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at about $40,000. LRI Investments LLC increased its position in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after purchasing an additional 335 shares during the period. Trust Co. of Vermont raised its holdings in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $44,000. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Best Buy by 959.6% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer's stock worth $57,000 after purchasing an additional 499 shares during the period. 80.96% of the stock is currently 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.