Loop Capital Reiterates Buy Rating for Best Buy Co., Inc. (BBY)
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reiterated by Loop Capital in a note issued to investors on Wednesday. They currently have a $72.00 target price on the technology retailer’s stock. Loop Capital’s target price points to a potential upside of 21.07% from the stock’s current price.
The analysts wrote, “Given Best Buy’s market leadership, favorable near-term prospects, track record of far exceeding consensus earnings expectations, and copious free cash flow generation, we believe the stock should trade at a significantly higher valuation,”
Several other research analysts also recently commented on BBY. Bank of America Corporation raised Best Buy Co. from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $58.00 in a research note on Tuesday, April 25th. Wedbush reaffirmed an “underperform” rating and issued a $29.00 price objective on shares of Best Buy Co. in a research note on Monday, May 22nd. UBS AG reaffirmed a “buy” rating and issued a $51.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Jefferies Group LLC raised their price objective on Best Buy Co. from $43.00 to $51.00 and gave the stock a “hold – buy” rating in a research note on Thursday, May 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $56.76.
Shares of Best Buy Co. (BBY) traded down 1.13% during midday trading on Wednesday, reaching $59.47. The company had a trading volume of 3,133,468 shares. The firm has a market capitalization of $18.14 billion, a price-to-earnings ratio of 16.00 and a beta of 1.45. Best Buy Co. has a 12-month low of $32.20 and a 12-month high of $62.36. The company has a 50 day moving average of $57.68 and a 200 day moving average of $51.89.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, topping the consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The firm had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.28 billion. During the same quarter last year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts anticipate that Best Buy Co. will post $3.89 EPS for the current year.
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In other news, insider Asheesh Saksena sold 22,255 shares of Best Buy Co. stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $55.66, for a total value of $1,238,713.30. Following the completion of the transaction, the insider now owns 82,440 shares in the company, valued at approximately $4,588,610.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Mathew Watson sold 758 shares of Best Buy Co. stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total value of $39,279.56. Following the completion of the transaction, the vice president now owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,917 shares of company stock valued at $7,107,375. Company insiders own 1.21% of the company’s stock.
Several institutional investors have recently made changes to their positions in BBY. Toronto Dominion Bank boosted its position in shares of Best Buy Co. by 344.4% in the second quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock worth $5,164,000 after buying an additional 69,819 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Best Buy Co. by 13.2% in the second quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock worth $8,312,000 after buying an additional 16,858 shares during the period. Nomura Holdings Inc. bought a new position in shares of Best Buy Co. during the second quarter worth approximately $1,164,000. 361 Capital LLC boosted its position in shares of Best Buy Co. by 16.4% in the second quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock worth $11,504,000 after buying an additional 28,261 shares during the period. Finally, Gyroscope Capital Management Group LLC bought a new position in shares of Best Buy Co. during the second quarter worth approximately $5,651,000. Hedge funds and other institutional investors own 92.46% 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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