Best Buy (NYSE:BBY) Price Target Raised to $110.00

Best Buy (NYSE:BBY) had its target price increased by equities research analysts at Loop Capital from $100.00 to $110.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. Loop Capital’s target price would suggest a potential upside of 9.97% from the stock’s current price.

A number of other analysts have also weighed in on BBY. DA Davidson raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and raised their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Wedbush restated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. Telsey Advisory Group restated an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research note on Friday, August 23rd. Finally, UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $106.00 in a research note on Monday, June 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $90.81.

Best Buy Stock Up 13.9 %

Shares of Best Buy stock opened at $100.03 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The company has a 50-day moving average of $85.58 and a 200 day moving average of $80.79. The firm has a market cap of $21.58 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.76 and a beta of 1.48. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last issued 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 during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business earned $1.22 EPS. As a group, sell-side analysts anticipate that Best Buy will post 6.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold a total of 2,383,370 shares of company stock worth $208,083,276 over the last three months. 0.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Best Buy during the fourth quarter worth approximately $165,164,000. Ninety One UK Ltd bought a new stake in Best Buy during the second quarter worth approximately $121,325,000. Thrivent Financial for Lutherans increased its stake in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in Best Buy by 11,586.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after acquiring an additional 680,257 shares during the last quarter. 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.