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

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

Several other equities analysts also recently weighed in on BBY. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Citigroup raised their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group raised their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

NYSE:BBY traded down $2.97 during mid-day trading on Monday, hitting $93.17. 2,322,281 shares of the company’s stock traded hands, compared to its average volume of 3,029,662. 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 firm’s 50 day simple moving average is $95.60 and its 200 day simple moving average is $86.36. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a market cap of $20.10 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

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, 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 firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Sell-side analysts expect that Best Buy will post 6.28 EPS for the current year.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on 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 transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Park Avenue Securities LLC lifted its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in shares of Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after purchasing an additional 118 shares during the period. Tobam raised its stake in shares of Best Buy by 15.6% during the second 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. Hoxton Planning & Management LLC raised its stake in shares of Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the period. Finally, LVW Advisors LLC raised its stake in shares of Best Buy by 2.3% during the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

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.