Best Buy (NYSE:BBY) Price Target Raised to $89.00

Best Buy (NYSE:BBY) had its price target upped by equities research analysts at Jefferies Financial Group from $83.00 to $89.00 in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Jefferies Financial Group’s target price indicates a potential upside of 16.61% from the company’s current price.

Several other equities research analysts have also issued reports on BBY. BNP Paribas Exane lifted their price objective on Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. The Goldman Sachs Group downgraded shares of Best Buy from a “buy” rating to a “sell” rating and set a $59.00 target price on the stock. in a research note on Monday, April 13th. UBS Group reaffirmed a “buy” rating and issued a $85.00 target price on shares of Best Buy in a research note on Tuesday. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Finally, Weiss Ratings downgraded shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $70.25.

Best Buy Price Performance

NYSE BBY traded up $11.79 during trading hours on Thursday, hitting $76.33. The company had a trading volume of 9,487,238 shares, compared to its average volume of 4,449,307. Best Buy has a 52 week low of $55.10 and a 52 week high of $84.99. The firm has a 50 day simple moving average of $61.74 and a 200 day simple moving average of $66.83. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The firm has a market capitalization of $16.08 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.56 and a beta of 1.22.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the company earned $1.15 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts expect that Best Buy will post 6.5 earnings per share for the current year.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 11,356 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the sale, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $211,137.96. Following the completion of the sale, the chief accounting officer owned 23,192 shares of the company’s stock, valued at $1,484,751.84. The trade was a 12.45% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. Insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Glenmede Trust Co. NA raised its holdings in shares of Best Buy by 11.5% during the first quarter. Glenmede Trust Co. NA now owns 22,452 shares of the technology retailer’s stock valued at $1,441,000 after acquiring an additional 2,314 shares in the last quarter. Royal Fund Management LLC bought a new position in shares of Best Buy during the first quarter valued at approximately $3,162,000. Bank of America Corp DE raised its holdings in shares of Best Buy by 17.8% during the first quarter. Bank of America Corp DE now owns 1,139,804 shares of the technology retailer’s stock valued at $73,175,000 after acquiring an additional 172,579 shares in the last quarter. Kentucky Retirement Systems raised its holdings in shares of Best Buy by 86.0% during the first quarter. Kentucky Retirement Systems now owns 22,568 shares of the technology retailer’s stock valued at $1,449,000 after acquiring an additional 10,433 shares in the last quarter. Finally, Bull Harbor Capital LLC bought a new position in shares of Best Buy during the first quarter valued at approximately $506,000. Institutional investors own 80.96% of the company’s stock.

More Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy beat Wall Street estimates on both earnings and revenue, with adjusted EPS of $1.28 versus $1.22 expected and revenue of $8.94 billion versus $8.82 billion projected. Best Buy Reports First Quarter Results
• Positive Sentiment: Comparable sales improved 2.0%, helped by strength in gaming, computers, and mobile phones, showing that key product categories are still driving traffic and spending. Best Buy beats on top and bottom lines as retailer aims to reinvigorate sales
• Positive Sentiment: The company reaffirmed its full-year outlook, which suggests management is confident the recent improvement can continue. Best Buy stock pops on first quarter earnings beat
• Neutral Sentiment: Analysts and media coverage highlighted that Best Buy is still navigating a mixed backdrop, with gaming and computing strength partly offset by softer appliance demand. Best Buy Reports Higher Profit on Rising Sales
• Positive Sentiment: Investors also appear to be attracted to Best Buy’s roughly 5% dividend yield, which makes the stock appealing even without blockbuster growth. Best Buy Surges on Earnings. Its 5% Yield Looks Even Better.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.