Best Buy (NYSE:BBY) Price Target Increased to $95.00 by Analysts at Barclays

Best Buy (NYSE:BBY) had its target price hoisted by investment analysts at Barclays from $81.00 to $95.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Barclays‘s price target points to a potential downside of 4.47% from the company’s current price.

BBY has been the subject of several other research reports. Loop Capital increased their price objective on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday. Wedbush reiterated a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday. Evercore ISI upped their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday. Finally, UBS Group raised their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $96.24.

Best Buy Trading Down 0.7 %

Shares of BBY traded down $0.73 during trading hours on Friday, hitting $99.45. The stock had a trading volume of 1,604,416 shares, compared to its average volume of 3,109,115. The company’s fifty day simple moving average is $85.58 and its 200 day simple moving average is $80.79. Best Buy has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a market cap of $21.45 billion, a P/E ratio of 17.39, a P/E/G ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the business posted $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Best Buy will post 6.11 EPS for the current fiscal year.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of the 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 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 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,383,370 shares of company stock valued at $208,083,276. Insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the company. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the period. Rise Advisors LLC increased its holdings in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the first quarter valued at about $27,000. Access Investment Management LLC acquired a new position in Best Buy during the fourth quarter valued at $27,000. Finally, PrairieView Partners LLC boosted its position in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares during the period. 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.