Truist Financial Reaffirms “Hold” Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “hold” rating reaffirmed by analysts at Truist Financial in a report issued on Monday, Benzinga reports. They currently have a $86.00 target price on the technology retailer’s stock. Truist Financial’s target price suggests a potential upside of 4.66% from the stock’s current price.

BBY has been the topic of several other research reports. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Wedbush reiterated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Loop Capital increased their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Finally, Evercore ISI raised their price target on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Stock Performance

Shares of BBY opened at $82.17 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $17.72 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 2.72 and a beta of 1.48. The firm’s fifty day simple moving average is $79.88 and its two-hundred day simple moving average is $77.79. Best Buy has a 12 month low of $62.30 and a 12 month high of $93.72.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. As a group, analysts predict that Best Buy will post 6.11 EPS for the current year.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,004,149 shares of company stock valued at $166,397,807. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after acquiring an additional 134 shares during the last quarter. Hartford Financial Management Inc. boosted its position in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock valued at $301,000 after acquiring an additional 148 shares during the last quarter. Finally, PrairieView Partners LLC boosted its position in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the last quarter. Hedge funds and other institutional investors 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.