Best Buy (NYSE:BBY) received a $48.00 price objective from equities researchers at Wedbush in a report issued on Monday. The firm presently has a “sell” rating on the technology retailer’s stock. Wedbush’s target price would indicate a potential downside of 39.30% from the stock’s previous close.
A number of other analysts have also weighed in on BBY. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research note on Monday, May 14th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $76.00 price objective (up from $74.00) on shares of Best Buy in a research note on Friday, March 2nd. Wells Fargo began coverage on shares of Best Buy in a research note on Monday, April 23rd. They issued a “market perform” rating and a $77.00 price objective for the company. Jefferies Group reaffirmed a “buy” rating and issued a $74.00 price objective (up from $60.00) on shares of Best Buy in a research note on Tuesday, February 27th. Finally, Loop Capital set a $83.00 price objective on shares of Best Buy and gave the stock a “buy” rating in a research note on Wednesday, March 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Best Buy has a consensus rating of “Hold” and an average price target of $71.39.
Shares of BBY traded up $0.83 during trading hours on Monday, reaching $79.08. 113,412 shares of the company traded hands, compared to its average volume of 3,351,047. The firm has a market capitalization of $22.06 billion, a P/E ratio of 17.89, a P/E/G ratio of 1.08 and a beta of 0.91. Best Buy has a 12-month low of $50.29 and a 12-month high of $79.90. The company has a current ratio of 1.26, a quick ratio of 0.59 and a debt-to-equity ratio of 0.22.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, March 1st. The technology retailer reported $2.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.37. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The company had revenue of $15.36 billion during the quarter, compared to analyst estimates of $14.52 billion. During the same period in the prior year, the firm earned $1.93 earnings per share. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. analysts predict that Best Buy will post 4.97 earnings per share for the current year.
In other news, Director Gerard R. Vittecoq sold 23,684 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $74.12, for a total transaction of $1,755,458.08. Following the transaction, the director now owns 40,128 shares in the company, valued at $2,974,287.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Shari L. Ballard sold 3,475 shares of the company’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total transaction of $251,763.75. Following the transaction, the insider now owns 116,785 shares in the company, valued at approximately $8,461,073.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 365,639 shares of company stock valued at $25,651,834. Insiders own 0.75% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. SWS Partners acquired a new position in shares of Best Buy during the fourth quarter valued at about $110,000. Bristol John W & Co. Inc. NY acquired a new position in shares of Best Buy during the first quarter valued at about $129,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in shares of Best Buy by 232.8% during the fourth quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock valued at $139,000 after acquiring an additional 1,420 shares in the last quarter. Squar Milner Financial Services LLC acquired a new position in shares of Best Buy during the fourth quarter valued at about $201,000. Finally, Private Capital Group LLC increased its holdings in shares of Best Buy by 850.7% during the first quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock valued at $201,000 after acquiring an additional 2,552 shares in the last quarter. Hedge funds and other institutional investors own 87.95% of the company’s stock.
Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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