DA Davidson Cuts Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its price target reduced by investment analysts at DA Davidson from $117.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. DA Davidson’s price objective suggests a potential upside of 45.13% from the company’s previous close.

A number of other equities analysts also recently commented on BBY. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Morgan Stanley cut 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. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $95.61.

Best Buy Trading Up 0.8 %

BBY traded up $0.59 on Wednesday, hitting $75.79. The company had a trading volume of 1,358,613 shares, compared to its average volume of 2,811,551. The business’s fifty day simple moving average is $86.20 and its 200 day simple moving average is $90.62. 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 $69.29 and a 12-month high of $103.71. The company has a market cap of $16.20 billion, a PE ratio of 12.97, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) 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. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates 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 company earned $2.72 EPS. Equities research analysts expect that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Large investors have recently bought and sold shares of the business. Rakuten Securities Inc. increased its position in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Best Buy in the 4th quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy in the 4th quarter worth $32,000. Atlas Capital Advisors Inc. raised its position in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC lifted its holdings in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares in the last quarter. Institutional investors and hedge funds 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.