Best Buy (NYSE:BBY) Given “Buy” Rating at DA Davidson

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by equities researchers at DA Davidson in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $117.00 price objective on the technology retailer’s stock. DA Davidson’s price objective would suggest a potential upside of 18.19% from the company’s previous close.

A number of other brokerages have also commented on BBY. Telsey Advisory Group boosted their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Finally, Bank of America upped their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Trading Up 2.1 %

BBY traded up $2.08 during midday trading on Tuesday, reaching $98.99. 442,800 shares of the company were exchanged, compared to its average volume of 3,035,477. The stock’s 50-day simple moving average is $94.17 and its 200 day simple moving average is $85.80. Best Buy has a one year low of $62.30 and a one year high of $103.71. The stock has a market capitalization of $21.35 billion, a P/E ratio of 17.34, a PEG ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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 the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, analysts forecast that Best Buy will post 6.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,379,870 shares of company stock worth $121,942,706 over the last three months. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently modified their holdings of BBY. Raymond James & Associates lifted its position in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares during the period. Dimensional Fund Advisors LP lifted its position in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd purchased a new position in Best Buy during the 2nd quarter worth $121,325,000. Finally, AQR Capital Management LLC grew its position in Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares in 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.