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

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

A number of other research analysts have also weighed in on BBY. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company boosted their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Finally, Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

Shares of Best Buy stock opened at $98.19 on Wednesday. The business has a 50-day simple moving average of $92.30 and a 200 day simple moving average of $84.84. Best Buy has a one year low of $62.30 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $21.18 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’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 completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. Rise Advisors LLC grew its position in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC purchased a new position in Best Buy in the 1st quarter worth approximately $27,000. PrairieView Partners LLC increased its stake in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the period. Finally, Innealta Capital LLC bought a new position in shares of Best Buy during the second quarter valued at about $35,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.