Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by research analysts at Piper Jaffray Companies in a research report issued to clients and investors on Thursday. They currently have a $68.00 price objective on the technology retailer’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 29.30% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on BBY. UBS AG reaffirmed a “buy” rating and issued a $51.00 price objective (up 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 shares of Best Buy Co. from $43.00 to $51.00 and gave the company a “hold – buy” rating in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Telsey Advisory Group raised their price objective on shares of Best Buy Co. from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Finally, ValuEngine cut shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $58.14.

Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same period last year, the firm earned $0.57 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis.

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In other news, CFO Corie S. Barry sold 787 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the transaction, the chief financial officer now owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Keith J. Nelsen sold 2,433 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $145,785.36. Following the completion of the transaction, the general counsel now directly owns 66,873 shares of the company’s stock, valued at approximately $4,007,030.16. The disclosure for this sale can be found here. Insiders sold a total of 152,328 shares of company stock worth $8,436,505 over the last quarter. Company insiders own 1.21% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Lord Abbett & CO. LLC grew its position in shares of Best Buy Co. by 23.2% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,292,100 shares of the technology retailer’s stock valued at $74,076,000 after acquiring an additional 243,300 shares during the period. Toronto Dominion Bank grew its position in shares of Best Buy Co. by 344.4% in the 2nd quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock valued at $5,164,000 after acquiring an additional 69,819 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Best Buy Co. by 13.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock valued at $8,312,000 after acquiring an additional 16,858 shares during the period. Nomura Holdings Inc. bought a new position in shares of Best Buy Co. in the 2nd quarter valued at about $1,164,000. Finally, 361 Capital LLC grew its position in shares of Best Buy Co. by 16.4% in the 2nd quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock valued at $11,504,000 after acquiring an additional 28,261 shares during the period. 88.11% of the stock is owned by institutional investors.

About Best Buy Co.

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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