Best Buy (NYSE:BBY) Stock Rating Reaffirmed by DA Davidson

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

A number of other brokerages have also recently issued reports on BBY. Citigroup raised their target price on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wedbush raised their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Barclays upped their price objective on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Up 2.1 %

BBY traded up $2.08 during trading on Tuesday, hitting $98.99. The company had a trading volume of 442,800 shares, compared to its average volume of 3,035,477. The company has a market cap of $21.35 billion, a PE ratio of 17.34, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The business has a 50-day moving average of $94.17 and a 200-day moving average of $85.80.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. As a group, analysts forecast that Best Buy will post 6.28 earnings per share for the current year.

Insider Buying and Selling

In other 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 value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated 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 transaction, the chairman now 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 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 the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the transaction, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,379,870 shares of company stock worth $121,942,706 in the last three months. 0.59% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Large investors have recently added to or reduced their stakes in the business. Ninety One UK Ltd bought a new position in Best Buy in the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans increased its position in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Best Buy by 55.7% in 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 acquiring an additional 1,024,824 shares during the last quarter. Swedbank AB bought a new position in Best Buy in the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC raised its holdings in shares of Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the last quarter. 80.96% of the stock is 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.