Telsey Advisory Group Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by equities researchers at Telsey Advisory Group from $115.00 to $110.00 in a research report issued on Tuesday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s target price indicates a potential upside of 24.79% from the company’s previous close.

BBY has been the topic of a number of other research reports. Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Evercore ISI raised their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Performance

Shares of NYSE BBY opened at $88.15 on Tuesday. 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 firm has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The stock’s fifty day moving average price is $94.16 and its two-hundred day moving average price is $89.07.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the firm earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities analysts forecast that Best Buy will post 6.28 EPS for the current year.

Institutional Trading of Best Buy

Several institutional investors have recently modified their holdings of the business. Ninety One UK Ltd bought a new stake in shares of Best Buy in the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans increased its position in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares during the period. Bank of New York Mellon Corp raised its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB acquired a new position in shares of Best Buy in the 1st quarter worth approximately $43,522,000. Finally, AQR Capital Management LLC boosted its stake in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.