Best Buy (NYSE:BBY) Price Target Cut to $85.00 by Analysts at HSBC

Best Buy (NYSE:BBY) had its price target lowered by HSBC from $96.00 to $85.00 in a research note released on Thursday,MarketScreener reports.

Several other equities analysts have also weighed in on the company. Wells Fargo & Company reduced their price objective on Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 18th. Guggenheim reaffirmed a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Wednesday, November 26th. Barclays decreased their price objective on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, January 8th. Piper Sandler cut their target price on shares of Best Buy from $76.00 to $71.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, January 21st. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $80.05.

Best Buy Trading Down 1.7%

Shares of NYSE BBY traded down $1.04 during trading on Thursday, hitting $61.82. 517,567 shares of the company traded hands, compared to its average volume of 4,360,540. The firm has a market capitalization of $12.95 billion, a P/E ratio of 20.47, a P/E/G ratio of 1.49 and a beta of 1.44. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average price of $67.29 and a 200-day moving average price of $73.04. Best Buy has a 1 year low of $54.99 and a 1 year high of $90.86.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 earnings per share. On average, equities analysts predict that Best Buy will post 6.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Avory & Company LLC grew its stake in Best Buy by 6.4% in the fourth quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer’s stock worth $233,000 after purchasing an additional 210 shares in the last quarter. SG Trading Solutions LLC bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $207,000. Phillip James Consulting Co. bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $233,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter valued at approximately $25,000. Finally, TMB Capital Partners LLC bought a new position in Best Buy during the fourth quarter worth $596,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.