KeyCorp Reiterates “Sector Weight” Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “sector weight” rating reissued by analysts at KeyCorp in a research report issued to clients and investors on Wednesday,Benzinga reports.

A number of other analysts have also issued reports on the company. Citigroup decreased their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Trading Up 4.1 %

Best Buy stock opened at $78.60 on Wednesday. The stock has a market cap of $16.80 billion, a PE ratio of 13.44, a P/E/G ratio of 2.10 and a beta of 1.43. The stock has a 50-day moving average price of $85.75 and a 200 day moving average price of $90.43. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the business posted $2.72 EPS. Equities research analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently modified their holdings of BBY. Rakuten Securities Inc. raised its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. increased its holdings in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC increased its holdings in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other 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.