Best Buy (NYSE:BBY) Rating Increased to Buy at StockNews.com

Best Buy (NYSE:BBY) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts also recently issued reports on the company. Melius Research initiated coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Telsey Advisory Group increased their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Truist Financial boosted their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

BBY opened at $98.19 on Wednesday. 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 company has a market capitalization of $21.18 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The business has a fifty day simple moving average of $92.30 and a 200 day simple moving average of $84.84. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last announced its 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the previous year, the business posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts expect that Best Buy will post 6.28 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, 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 value of $7,813,831.50. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock valued at $122,233,276 over the last 90 days. 0.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rise Advisors LLC raised its position in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Palisade Asset Management LLC bought a new stake in Best Buy in the first quarter worth approximately $27,000. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the period. PrairieView Partners LLC boosted its holdings 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 worth $31,000 after buying an additional 151 shares in the last quarter. Finally, Innealta Capital LLC acquired a new stake in shares of Best Buy during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.