Wells Fargo & Company Cuts Best Buy (NYSE:BBY) Price Target to $75.00

Best Buy (NYSE:BBY) had its price target cut by stock analysts at Wells Fargo & Company from $85.00 to $75.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 5.57% from the stock’s previous close.

Several other equities research analysts have also recently commented on BBY. Wedbush reiterated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Citigroup reaffirmed a “neutral” rating and set a $70.00 target price (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. UBS Group set a $105.00 price target on Best Buy in a research note on Wednesday, March 5th. DA Davidson restated a “buy” rating and issued a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Finally, Evercore ISI cut their target price on 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 analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $90.72.

Best Buy Stock Down 0.8%

NYSE:BBY opened at $71.04 on Monday. The company has a market cap of $15.04 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 2.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s fifty day moving average price is $67.89 and its two-hundred day moving average price is $80.01. Best Buy has a 52-week low of $54.99 and a 52-week high of $103.71.

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, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for 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 quarter in the prior year, the firm posted $2.72 earnings per share. On average, analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Buying and Selling at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last 90 days. 0.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BBY. Assenagon Asset Management S.A. raised its position in Best Buy by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 33,741 shares of the technology retailer’s stock worth $2,895,000 after acquiring an additional 19,828 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Best Buy by 24.8% during the 4th quarter. Park Avenue Securities LLC now owns 10,334 shares of the technology retailer’s stock worth $887,000 after purchasing an additional 2,053 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at about $351,000. Merit Financial Group LLC acquired a new stake in Best Buy in the 4th quarter valued at about $453,000. Finally, Trust Co. of Vermont grew its holdings in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the period. 80.96% of the stock is currently owned by 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.