StockNews.com Upgrades Best Buy (NYSE:BBY) to Buy

Best Buy (NYSE:BBY) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

A number of other brokerages also recently commented on BBY. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Telsey Advisory Group increased their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Down 3.1 %

Shares of Best Buy stock traded down $2.97 on Monday, reaching $93.17. The company had a trading volume of 2,322,281 shares, compared to its average volume of 3,029,662. The firm’s 50 day moving average price is $95.60 and its two-hundred day moving average price is $86.36. The firm has a market cap of $20.10 billion, a PE ratio of 16.32, a PEG ratio of 2.58 and a beta of 1.46. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71. 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 announced 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 net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the firm earned $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Sell-side analysts predict that Best Buy will post 6.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction 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 completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently bought and sold shares of BBY. Palisade Asset Management LLC purchased a new position in Best Buy during the 1st quarter worth $27,000. Richardson Financial Services Inc. increased its holdings in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. PrairieView Partners LLC increased its holdings in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the 2nd quarter valued at about $35,000. Finally, Whittier Trust Co. increased its holdings in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares in 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.