Best Buy’s (BBY) Buy Rating Reiterated at Loop Capital

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reiterated by equities researchers at Loop Capital in a research report issued on Wednesday,Benzinga reports. They currently have a $100.00 price objective on the technology retailer’s stock. Loop Capital’s target price suggests a potential upside of 17.37% from the company’s previous close.

A number of other analysts have also recently weighed in on BBY. Evercore ISI upped their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Price Performance

Shares of BBY stock opened at $85.20 on Wednesday. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a market capitalization of $18.22 billion, a P/E ratio of 14.56, a P/E/G ratio of 2.19 and a beta of 1.44. The stock has a 50 day moving average of $90.64 and a two-hundred day moving average of $90.54. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Richardson Financial Services Inc. lifted its stake 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 during the period. Innealta Capital LLC bought a new stake in Best Buy in the second quarter valued at about $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the third quarter valued at about $40,000. LRI Investments LLC boosted its holdings in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.