Citigroup Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price decreased by equities researchers at Citigroup from $115.00 to $109.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. Citigroup’s target price indicates a potential upside of 22.54% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Loop Capital lifted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Bank of America boosted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. UBS Group increased their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Wells Fargo & Company upped their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Down 1.3 %

Shares of BBY stock traded down $1.16 during mid-day trading on Friday, reaching $88.95. 1,245,459 shares of the company’s stock traded hands, compared to its average volume of 2,985,459. The company’s 50-day moving average price is $97.01 and its 200-day moving average price is $87.45. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $19.10 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 EPS. On average, equities analysts expect that Best Buy will post 6.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Thompson Davis & CO. Inc. bought a new position in Best Buy during the third quarter worth about $222,000. PNC Financial Services Group Inc. boosted its position in Best Buy by 7.6% in the third quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer’s stock valued at $3,739,000 after buying an additional 2,548 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Best Buy in the third quarter valued at approximately $2,924,000. Fifth Third Wealth Advisors LLC bought a new position in Best Buy during the 3rd quarter worth approximately $450,000. Finally, Pathstone Holdings LLC grew its stake in Best Buy by 2.7% during the third quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock worth $3,511,000 after purchasing an additional 899 shares during the period. 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.