Best Buy (NYSE:BBY) Receives New Coverage from Analysts at Melius Research

Equities researchers at Melius Research began coverage on shares of Best Buy (NYSE:BBY) in a research note issued on Monday, Benzinga reports. The brokerage set a “hold” rating and a $100.00 price target on the technology retailer’s stock. Melius Research’s price objective would suggest a potential upside of 2.34% from the company’s current price.

A number of other equities research analysts also recently issued reports on BBY. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Citigroup lifted their price objective on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company upped their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Stock Performance

Shares of NYSE BBY traded up $0.41 during trading on Monday, hitting $97.71. The company had a trading volume of 939,542 shares, compared to its average volume of 3,090,349. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a 50 day simple moving average of $90.15 and a 200 day simple moving average of $83.54. The firm has a market capitalization of $21.08 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. As a group, analysts anticipate that Best Buy will post 6.26 earnings per share for the current year.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tobam lifted its stake in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares during the period. LVW Advisors LLC boosted its holdings in Best Buy by 2.3% in the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC increased its position in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC raised its stake in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC lifted its holdings in shares of Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after buying an additional 149 shares during the period. 80.96% of the stock is currently 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.