Best Buy’s (BBY) Outperform Rating Reaffirmed at Telsey Advisory Group

Best Buy (NYSE:BBY)‘s stock had its “outperform” rating reissued by analysts at Telsey Advisory Group in a research note issued to investors on Thursday,Benzinga reports. They presently have a $110.00 price target on the technology retailer’s stock. Telsey Advisory Group’s price target indicates a potential upside of 21.67% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Truist Financial reduced their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Guggenheim decreased their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Price Performance

Shares of NYSE BBY opened at $90.41 on Thursday. The company has a 50 day simple moving average of $86.24 and a two-hundred day simple moving average of $90.52. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. During the same period last year, the business earned $1.29 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. Analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Best Buy 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 of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Several institutional investors have recently made changes to their positions in BBY. Rakuten Securities Inc. raised its position in shares of Best Buy by 971.9% during the fourth 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 last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the 4th quarter valued at $31,000. Golden State Wealth Management LLC bought a new stake in Best Buy in the 4th quarter valued at $32,000. Atlas Capital Advisors Inc. lifted its stake in Best Buy by 186.9% in 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 in the last quarter. Finally, Ancora Advisors LLC boosted its holdings in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Hedge funds and other institutional investors 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.