Best Buy (NYSE:BBY) Lowered to “Hold” Rating by StockNews.com

Best Buy (NYSE:BBY) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Several other equities analysts have also recently commented on the company. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. JPMorgan Chase & Co. lifted 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. Wedbush boosted their price target 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. Finally, Evercore ISI raised their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Trading Up 1.2 %

Shares of BBY stock opened at $92.66 on Friday. The firm has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. Best Buy has a 1 year low of $62.92 and a 1 year high of $103.71. The firm’s fifty day simple moving average is $95.70 and its 200 day simple moving average is $88.12. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

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

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently bought and sold shares of BBY. Geode Capital Management LLC raised its holdings in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares during the last quarter. LRI Investments LLC increased its position in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Best Buy by 9.9% in the third quarter. Public Employees Retirement System of Ohio now owns 130,980 shares of the technology retailer’s stock worth $13,530,000 after acquiring an additional 11,764 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Best Buy by 5.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 99,209 shares of the technology retailer’s stock worth $10,248,000 after acquiring an additional 5,461 shares during the last quarter. Finally, MML Investors Services LLC lifted its position in shares of Best Buy by 8.8% during the third quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer’s stock worth $1,526,000 after purchasing an additional 1,193 shares in the last quarter. Institutional investors and hedge funds 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.