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

Best Buy (NYSE:BBY) had its price target dropped by Truist Financial from $81.00 to $64.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price target would indicate a potential upside of 0.41% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $91.28.

Best Buy Price Performance

Shares of BBY opened at $63.74 on Tuesday. The stock has a market capitalization of $13.47 billion, a PE ratio of 10.90, a PEG ratio of 2.10 and a beta of 1.42. The company has a 50 day moving average price of $78.43 and a 200-day moving average price of $85.98. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

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

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at $1,552,603.15. This trade represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently made changes to their positions in the business. Stevens Capital Management LP raised its holdings in Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock worth $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc acquired a new stake in shares of Best Buy in the fourth quarter valued at $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its holdings in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after buying an additional 8,640 shares during the period. Finally, Alberta Investment Management Corp boosted its stake in Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares in 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.