Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group LLC in a report released on Wednesday. They presently have a $60.00 price target on the technology retailer’s stock. Jefferies Group LLC’s target price suggests a potential upside of 14.09% from the stock’s previous close.

BBY has been the subject of several other reports. Loop Capital reiterated a “buy” rating and set a $72.00 target price (up from $64.00) on shares of Best Buy Co. in a research report on Monday, June 5th. Barclays PLC reiterated a “buy” rating and set a $65.00 target price on shares of Best Buy Co. in a research report on Monday, August 28th. Deutsche Bank AG reiterated a “buy” rating and set a $58.00 target price (down from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Morgan Stanley upgraded Best Buy Co. from an “equal weight” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $60.00 in a research report on Tuesday, May 30th. Finally, BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $58.47.

Shares of Best Buy Co. (BBY) traded down 0.32% on Wednesday, hitting $52.59. 7,483,542 shares of the company traded hands. The firm’s 50 day moving average price is $58.64 and its 200-day moving average price is $53.96. The stock has a market capitalization of $15.73 billion, a price-to-earnings ratio of 13.92 and a beta of 1.48. Best Buy Co. has a 1-year low of $37.10 and a 1-year high of $63.32. Best Buy Co. also saw unusually large options trading on Monday. Stock investors purchased 993 call options on the company. This represents an increase of 163% compared to the average daily volume of 378 call options.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, equities research analysts expect that Best Buy Co. will post $4.05 earnings per share for the current year.

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In related news, CEO Hubert Joly sold 106,942 shares of Best Buy Co. stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the completion of the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Corie S. Barry sold 787 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $47,157.04. Following the sale, the chief financial officer now directly owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Insiders have sold 152,328 shares of company stock worth $8,436,505 in the last 90 days. Insiders own 0.84% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. FNY Managed Accounts LLC lifted its holdings in shares of Best Buy Co. by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after purchasing an additional 2,011 shares during the period. Huntington National Bank lifted its holdings in shares of Best Buy Co. by 18.4% during the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after purchasing an additional 318 shares during the period. Exane Derivatives lifted its holdings in shares of Best Buy Co. by 65.5% during the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after purchasing an additional 1,010 shares during the period. Harbour Capital Advisors LLC acquired a new stake in shares of Best Buy Co. during the first quarter worth about $147,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Best Buy Co. by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after purchasing an additional 163 shares during the period. 88.11% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Best Buy Co. (NYSE:BBY)

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