Loop Capital Reaffirms Buy Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reissued by stock analysts at Loop Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $100.00 price target on the technology retailer’s stock. Loop Capital’s price target points to a potential upside of 17.37% from the company’s current price.

Several other brokerages have also recently commented on BBY. Telsey Advisory Group decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. UBS Group decreased their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Down 0.9 %

Shares of NYSE:BBY opened at $85.20 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market capitalization of $18.22 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 2.19 and a beta of 1.44. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a 50 day moving average price of $90.64 and a 200 day moving average price of $90.54.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. On average, research analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently bought and sold shares of BBY. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in Best Buy in the 2nd quarter worth approximately $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy during the third quarter worth approximately $40,000. LRI Investments LLC boosted 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 valued at $40,000 after acquiring an additional 335 shares during the period. Finally, Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.