Best Buy (NYSE:BBY) Stock Rating Reaffirmed by DA Davidson

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reissued by research analysts at DA Davidson in a report released on Tuesday, Benzinga reports. They presently have a $117.00 price objective on the technology retailer’s stock. DA Davidson’s price target points to a potential upside of 18.57% from the company’s current price.

Several other research firms have also recently commented on BBY. UBS Group boosted 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. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Telsey Advisory Group upped their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

NYSE:BBY opened at $98.68 on Tuesday. Best Buy has a 52 week low of $62.30 and a 52 week high of $103.71. 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 capitalization of $21.29 billion, a P/E ratio of 17.28, a P/E/G ratio of 2.58 and a beta of 1.46. The stock’s fifty day moving average is $94.84 and its two-hundred day moving average is $86.00.

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

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently bought and sold shares of BBY. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new position in Best Buy in the first quarter worth approximately $27,000. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the second 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. PrairieView Partners LLC grew its position in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter worth approximately $35,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.