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

Best Buy (NYSE:BBY) had its price target cut by equities researchers at Piper Sandler from $102.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology retailer’s stock. Piper Sandler’s target price suggests a potential upside of 22.18% from the stock’s previous close.

BBY has been the topic of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday. Morgan Stanley decreased their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Loop Capital restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Citigroup reduced their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, UBS Group restated a “buy” rating on shares of Best Buy in a research report on Friday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.00.

Best Buy Price Performance

Best Buy stock traded up $0.10 during trading hours on Wednesday, hitting $75.30. 1,124,954 shares of the stock were exchanged, compared to its average volume of 2,806,808. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The business’s 50-day moving average is $86.20 and its two-hundred day moving average is $90.62. 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 has a market capitalization of $16.10 billion, a P/E ratio of 12.87, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the firm posted $2.72 EPS. Equities research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy in the third quarter worth $40,000. National Pension Service boosted its position in Best Buy by 18.1% during the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after purchasing an additional 60,880 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC bought a new stake in Best Buy in the 3rd quarter valued at $817,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.