Best Buy (NYSE:BBY) Receives “Buy” Rating from DA Davidson

Best Buy (NYSE:BBY)‘s stock had its “buy” rating restated by stock analysts at DA Davidson in a research note issued on Tuesday, Benzinga reports. They presently have a $117.00 price target on the technology retailer’s stock. DA Davidson’s price target suggests a potential upside of 18.57% from the company’s current price.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Evercore ISI lifted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Stock Up 1.1 %

Best Buy stock opened at $98.68 on Tuesday. The firm has a fifty day moving average price of $94.84 and a two-hundred day moving average price of $86.00. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market cap of $21.29 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.58 and a beta of 1.46.

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

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated 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 sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated 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 sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently added to or reduced their stakes in BBY. Leo Wealth LLC bought a new stake in shares of Best Buy in the 4th quarter valued at $215,000. HighPoint Advisor Group LLC bought a new stake in Best Buy in the fourth quarter worth about $231,000. CWM LLC lifted its stake in Best Buy by 14.0% in the first quarter. CWM LLC now owns 3,457 shares of the technology retailer’s stock valued at $284,000 after purchasing an additional 424 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Best Buy by 82.1% in the first quarter. Los Angeles Capital Management LLC now owns 10,095 shares of the technology retailer’s stock valued at $828,000 after purchasing an additional 4,550 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Best Buy by 62.3% during the first quarter. GAMMA Investing LLC now owns 1,141 shares of the technology retailer’s stock worth $94,000 after acquiring an additional 438 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.