Best Buy (NYSE:BBY) Price Target Lowered to $77.00 at Truist Financial

Best Buy (NYSE:BBY – Get Rating) had its price target lowered by investment analysts at Truist Financial from $88.00 to $77.00 in a research report issued on Friday, The Fly reports. The firm presently has a “buy” rating on the technology retailer’s stock. Truist Financial’s price objective would suggest a potential upside of 8.02% from the stock’s previous close.

Several other equities analysts have also recently commented on BBY. Telsey Advisory Group cut Best Buy from an “outperform” rating to a “market perform” rating and cut their price target for the company from $88.00 to $83.00 in a report on Monday, February 27th. Wells Fargo & Company cut their price target on Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a report on Friday. StockNews.com began coverage on Best Buy in a report on Thursday, May 18th. They issued a “hold” rating for the company. Credit Suisse Group cut their price target on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Finally, Wedbush dropped their target price on Best Buy from $85.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.44.

Best Buy Price Performance

Shares of NYSE:BBY opened at $71.28 on Friday. The business has a 50 day moving average price of $73.65 and a 200 day moving average price of $78.97. Best Buy has a twelve month low of $60.78 and a twelve month high of $93.32. The company has a market cap of $15.59 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 1.39 and a beta of 1.50. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY – Get Rating) last announced its earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.03. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The firm had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. Research analysts predict that Best Buy will post 6.19 earnings per share for the current year.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $559,758.95. Following the transaction, the chief financial officer now directly owns 72,243 shares in the company, valued at approximately $5,631,341.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, insider Jason J. Bonfig sold 10,963 shares of the stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $854,565.85. Following the transaction, the insider now directly owns 46,250 shares in the company, valued at approximately $3,605,187.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $559,758.95. Following the completion of the transaction, the chief financial officer now owns 72,243 shares in the company, valued at $5,631,341.85. The disclosure for this sale can be found here. Insiders sold 57,774 shares of company stock valued at $4,477,413 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Connectus Wealth LLC boosted its position in shares of Best Buy by 27.8% in the 3rd quarter. Connectus Wealth LLC now owns 18,264 shares of the technology retailer’s stock worth $1,157,000 after purchasing an additional 3,974 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Best Buy by 12.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 547,403 shares of the technology retailer’s stock worth $34,672,000 after purchasing an additional 59,789 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Best Buy by 13.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 3,574 shares of the technology retailer’s stock worth $287,000 after purchasing an additional 424 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Best Buy by 2.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 14,448 shares of the technology retailer’s stock worth $1,159,000 after purchasing an additional 394 shares during the last quarter. Finally, Greenleaf Trust boosted its position in shares of Best Buy by 7.0% in the 3rd quarter. Greenleaf Trust now owns 6,181 shares of the technology retailer’s stock worth $392,000 after purchasing an additional 402 shares during the last quarter. 78.48% of the stock is currently owned by institutional investors.

About Best Buy

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.