Evercore ISI Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by analysts at Evercore ISI from $95.00 to $80.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s price objective would suggest a potential upside of 1.79% from the company’s previous close.

BBY has been the topic of several other research reports. Guggenheim dropped their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday. Jefferies Financial Group dropped their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday. Loop Capital reissued a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Finally, Wedbush reissued a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 4.1 %

BBY opened at $78.60 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market capitalization of $16.80 billion, a PE ratio of 13.44, a P/E/G ratio of 2.10 and a beta of 1.43. The company’s 50-day moving average is $85.75 and its 200 day moving average is $90.43.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $13.69 billion. During the same quarter in the prior year, the business posted $2.72 EPS. As a group, research analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on 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 directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. QRG Capital Management Inc. grew its stake in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy in the 4th quarter valued at approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its stake in Best Buy by 48.6% in the 4th 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 in the last quarter. Finally, Alberta Investment Management Corp grew its position in shares of Best Buy by 424.0% during the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after purchasing an additional 21,200 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.