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

Best Buy (NYSE:BBY) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Friday.

Several other research analysts have also recently issued reports on the company. DA Davidson reaffirmed a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Barclays boosted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. UBS Group increased their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Performance

Shares of NYSE BBY opened at $92.66 on Friday. Best Buy has a 1 year low of $62.92 and a 1 year high of $103.71. The firm has a market cap of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47. The stock has a fifty day moving average price of $95.70 and a two-hundred day moving average price of $88.12. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last announced its 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. 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 quarter last year, the business posted $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts forecast that Best Buy will post 6.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently added to or reduced their stakes in the company. 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 acquiring an additional 210 shares in the last quarter. Innealta Capital LLC acquired a new position in Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy during the third quarter valued at about $40,000. LRI Investments LLC lifted its position in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Whittier Trust Co. boosted its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.