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

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

Several other research analysts have also issued reports on BBY. Evercore ISI lifted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America lifted their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, 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 report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.41.

Best Buy Stock Performance

Shares of NYSE BBY traded up $0.52 during midday trading on Monday, hitting $97.82. 2,078,456 shares of the company’s stock were exchanged, compared to its average volume of 3,096,572. The stock’s 50 day moving average price is $90.39 and its 200-day moving average price is $83.67. 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 firm has a market cap of $21.10 billion, a P/E ratio of 17.13, a PEG ratio of 2.56 and a beta of 1.46. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71.

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

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock valued at $122,233,276 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently modified their holdings of the stock. Tobam raised 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 valued at $75,000 after purchasing an additional 121 shares during the period. LVW Advisors LLC raised its stake 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 acquiring an additional 130 shares during the period. Rise Advisors LLC lifted its stake in shares of 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 buying an additional 132 shares during the last quarter. MCF Advisors LLC grew its position in shares of Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC grew its holdings in 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 in the last quarter. 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.