Best Buy (NYSE:BBY) Given New $105.00 Price Target at Guggenheim

Best Buy (NYSE:BBY) had its price objective reduced by equities researchers at Guggenheim from $110.00 to $105.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Guggenheim’s price objective points to a potential upside of 19.09% from the stock’s previous close.

BBY has been the topic of a number of other reports. Citigroup lowered their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. DA Davidson restated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group lowered their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Loop Capital lowered their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Performance

Shares of Best Buy stock opened at $88.17 on Friday. The firm has a market capitalization of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.34 and a beta of 1.47. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $93.96 and its two-hundred day moving average is $89.06.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $1.22 earnings per share. Research analysts forecast that Best Buy will post 6.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. Richardson Financial Services Inc. raised its stake in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy during the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy during the 3rd quarter worth $40,000. LRI Investments LLC raised its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Whittier Trust Co. raised its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. Institutional investors and hedge funds 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.