Best Buy (NYSE:BBY) Stock Rating Lowered by StockNews.com

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

BBY has been the topic of several other research reports. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wells Fargo & Company lifted their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. The Goldman Sachs Group lifted their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Loop Capital lifted their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.41.

Best Buy Price Performance

BBY stock opened at $97.47 on Thursday. The company has a market capitalization of $20.93 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71. The business has a 50-day simple moving average of $93.53 and a two-hundred day simple moving average of $85.51.

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

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,379,870 shares of company stock worth $121,942,706. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Empirical Asset Management LLC purchased a new position in Best Buy in the third quarter worth $558,000. Stablepoint Partners LLC grew its position in Best Buy by 15.6% in the third quarter. Stablepoint Partners LLC now owns 4,763 shares of the technology retailer’s stock worth $492,000 after acquiring an additional 642 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Best Buy in the third quarter worth $248,000. Ritholtz Wealth Management grew its position in Best Buy by 2.2% in the third quarter. Ritholtz Wealth Management now owns 16,070 shares of the technology retailer’s stock worth $1,660,000 after acquiring an additional 348 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its position in Best Buy by 8.9% in the third quarter. Gateway Investment Advisers LLC now owns 5,048 shares of the technology retailer’s stock worth $521,000 after acquiring an additional 414 shares in 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.