Best Buy (NYSE:BBY) Upgraded to Buy at StockNews.com

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

Other analysts have also issued research reports about the company. The Goldman Sachs Group increased their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Piper Sandler restated an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Trading Down 1.9 %

BBY opened at $101.34 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market cap of $21.86 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.56 and a beta of 1.46. The stock’s 50 day moving average price is $91.85 and its 200-day moving average price is $84.65. Best Buy has a one year low of $62.30 and a one year high of $103.71.

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

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BBY. Bank of Nova Scotia grew its holdings in shares of Best Buy by 32.2% in the fourth quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock valued at $1,988,000 after purchasing an additional 6,187 shares in the last quarter. Eagle Asset Management Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $862,000. Rafferty Asset Management LLC grew its holdings in shares of Best Buy by 10.8% in the fourth quarter. Rafferty Asset Management LLC now owns 24,433 shares of the technology retailer’s stock valued at $1,913,000 after purchasing an additional 2,377 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $644,000. Finally, Royal London Asset Management Ltd. lifted its stake in Best Buy by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 78,100 shares of the technology retailer’s stock worth $6,114,000 after acquiring an additional 3,832 shares during 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.