Loop Capital Reaffirms “Buy” Rating for Best Buy Co., Inc. (NYSE:BBY)
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reissued by analysts at Loop Capital in a note issued to investors on Saturday. They currently have a $72.00 price target on the technology retailer’s stock. Loop Capital’s price target suggests a potential upside of 32.99% from the stock’s previous close.
Several other equities research analysts also recently weighed in on BBY. Piper Jaffray Companies raised shares of Best Buy Co. from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $44.85 to $55.00 in a report on Monday, March 27th. Vetr downgraded shares of Best Buy Co. from a “hold” rating to a “sell” rating and set a $44.50 price objective for the company. in a report on Monday, March 27th. Sanford C. Bernstein reaffirmed a “sell” rating on shares of Best Buy Co. in a report on Saturday, April 8th. Deutsche Bank AG raised shares of Best Buy Co. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Tuesday, April 11th. Finally, Bank of America Corporation raised shares of Best Buy Co. from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $58.00 in a report on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, three have given a hold rating and twenty have assigned a buy rating to the company’s stock. Best Buy Co. presently has an average rating of “Buy” and an average target price of $55.45.
Best Buy Co. (NYSE BBY) traded up 0.33% during mid-day trading on Friday, hitting $54.14. 4,666,534 shares of the stock traded hands. Best Buy Co. has a 1-year low of $31.91 and a 1-year high of $61.95. The stock has a 50-day moving average of $56.72 and a 200 day moving average of $49.72. The firm has a market cap of $16.51 billion, a price-to-earnings ratio of 14.57 and a beta of 1.44.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.44 earnings per share. On average, equities analysts expect that Best Buy Co. will post $3.89 EPS for the current year.
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In other news, General Counsel Keith J. Nelsen sold 55,153 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $59.01, for a total value of $3,254,578.53. Following the transaction, the general counsel now owns 89,306 shares in the company, valued at approximately $5,269,947.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patricia H. Walker sold 7,447 shares of the company’s stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $51.02, for a total value of $379,945.94. Following the completion of the transaction, the insider now owns 34,096 shares in the company, valued at approximately $1,739,577.92. The disclosure for this sale can be found here. Insiders sold a total of 129,364 shares of company stock worth $7,487,321 in the last quarter. 1.21% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Huntington National Bank increased its position in shares of Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after buying an additional 318 shares in the last quarter. Manning & Napier Advisors LLC increased its position in shares of Best Buy Co. by 46.6% in the second quarter. Manning & Napier Advisors LLC now owns 68,303 shares of the technology retailer’s stock worth $3,915,000 after buying an additional 21,721 shares in the last quarter. Viking Fund Management LLC acquired a new position in shares of Best Buy Co. during the second quarter worth $344,000. Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new position in shares of Best Buy Co. during the second quarter worth $1,534,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Best Buy Co. during the second quarter worth $672,000. Institutional investors own 93.89% of the company’s stock.
Best Buy Co. Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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