Best Buy (NYSE:BBY) Price Target Lowered to $64.00 at Truist Financial

Best Buy (NYSE:BBY - Get Free Report) had its target price lowered by equities research analysts at Truist Financial from $81.00 to $64.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the technology retailer's stock. Truist Financial's price objective would suggest a potential upside of 5.84% from the stock's previous close.

Several other research analysts have also commented on BBY. DA Davidson dropped their price target 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. Telsey Advisory Group dropped their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Wedbush restated a "neutral" rating and set a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Barclays dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Finally, Evercore ISI reduced their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Price Performance

NYSE BBY traded up $0.72 during trading on Tuesday, hitting $60.47. 5,163,129 shares of the stock traded hands, compared to its average volume of 3,226,509. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $54.99 and a 12-month high of $103.71. The firm has a 50-day simple moving average of $77.46 and a 200-day simple moving average of $85.45. The company has a market capitalization of $12.78 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

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

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 2,951 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock worth $5,767,213 over the last three months. 0.59% of the stock is owned by corporate insiders.

Institutional Trading of Best Buy

Several hedge funds have recently modified their holdings of the company. Centiva Capital LP purchased a new stake in Best Buy during the third quarter valued at approximately $292,000. Quantinno Capital Management LP lifted its holdings in shares of Best Buy by 107.0% during the 3rd quarter. Quantinno Capital Management LP now owns 29,172 shares of the technology retailer's stock valued at $3,014,000 after purchasing an additional 15,077 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Best Buy in the 3rd quarter worth $1,689,000. iA Global Asset Management Inc. purchased a new position in Best Buy during the 3rd quarter worth $378,000. Finally, MML Investors Services LLC increased its position in Best Buy by 8.8% during the 3rd quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer's stock valued at $1,526,000 after buying an additional 1,193 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.