Best Buy (NYSE:BBY) Stock Rating Upgraded by StockNews.com

Best Buy (NYSE:BBY) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

BBY has been the subject of several other reports. Citigroup lifted their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. UBS Group raised their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Telsey Advisory Group upped their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued 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, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Price Performance

NYSE BBY opened at $93.78 on Monday. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a market cap of $20.23 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The stock’s fifty day moving average price is $95.81 and its 200 day moving average price is $86.46.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 earnings per share. As a group, equities research analysts forecast that Best Buy will post 6.28 earnings per share for the current year.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently added to or reduced their stakes in BBY. Park Avenue Securities LLC increased its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust lifted its holdings in Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC grew its position in Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after acquiring an additional 118 shares during the period. Tobam increased its stake in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC raised its position in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.