Best Buy Co., Inc. (NYSE:BBY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”

Several other research firms have also weighed in on BBY. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Barclays PLC reaffirmed a “buy” rating and set a $65.00 target price on shares of Best Buy Co. in a report on Monday, August 28th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $70.00 target price on shares of Best Buy Co. in a report on Wednesday, August 23rd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 target price on shares of Best Buy Co. in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Best Buy Co. currently has an average rating of “Buy” and a consensus target price of $59.19.

Best Buy Co. (BBY) traded up 0.154% on Friday, hitting $55.215. 1,484,973 shares of the stock traded hands. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32. The firm has a 50-day moving average price of $56.55 and a 200-day moving average price of $55.21. The company has a market capitalization of $16.52 billion, a PE ratio of 14.611 and a beta of 1.51.

Best Buy Co. (NYSE:BBY) last posted 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. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period last year, the firm posted $0.57 EPS. Best Buy Co.’s revenue for the quarter was up 4.8% compared to the same quarter last year. Analysts forecast that Best Buy Co. will post $4.06 earnings per share for the current year.

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In other news, insider Shari L. Ballard sold 2,246 shares of Best Buy Co. stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Keith J. Nelsen sold 2,433 shares of Best Buy Co. stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $145,785.36. Following the transaction, the general counsel now owns 66,873 shares in the company, valued at approximately $4,007,030.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,259 shares of company stock worth $9,182,693. 1.21% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Managed Accounts LLC raised its holdings in shares of Best Buy Co. by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after acquiring an additional 2,011 shares during the period. Huntington National Bank raised its holdings in shares of Best Buy Co. by 18.4% during the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after acquiring an additional 318 shares during the period. Exane Derivatives raised its holdings in shares of Best Buy Co. by 65.5% during the 2nd quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after acquiring an additional 1,010 shares during the period. Harbour Capital Advisors LLC purchased a new position in shares of Best Buy Co. during the 1st quarter worth $147,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Best Buy Co. by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after acquiring an additional 163 shares during the period. Institutional investors and hedge funds own 88.11% of the company’s stock.

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.

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

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