Best Buy (NYSE:BBY) Given New $110.00 Price Target at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its target price dropped by analysts at JPMorgan Chase & Co. from $115.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 39.96% from the company’s previous close.

BBY has been the subject of several other research reports. Telsey Advisory Group decreased their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Jefferies Financial Group decreased their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Wedbush reissued a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a report on Monday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Price Performance

BBY opened at $78.60 on Wednesday. The company has a fifty day moving average price of $85.75 and a two-hundred day moving average price of $90.43. 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 52 week low of $69.29 and a 52 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.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS 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 firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the business earned $2.72 EPS. As a group, analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its position in Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares in the last quarter. Mariner LLC lifted its position in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after buying an additional 129 shares in the last quarter. LRI Investments LLC lifted its position in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after buying an additional 141 shares in the last quarter. Rothschild Investment LLC lifted its position in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after buying an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance raised its holdings in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares during the period. 80.96% of the stock is owned by institutional investors.

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.