Best Buy Co., Inc. (NYSE:BBY) Receives Consensus Recommendation of “Hold” from Analysts

Best Buy Co., Inc. (NYSE:BBY) has been assigned a consensus recommendation of “Hold” from the twenty-two ratings firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $79.7895.

Several analysts recently weighed in on BBY shares. The Goldman Sachs Group reduced their target price on shares of Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Morgan Stanley dropped their price objective on shares of Best Buy from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 15th. UBS Group raised their price objective on shares of Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Piper Sandler lowered their target price on shares of Best Buy from $76.00 to $71.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Citigroup cut their price target on Best Buy from $82.00 to $67.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently added to or reduced their stakes in the business. Sage Private Wealth Group LLC grew its holdings in shares of Best Buy by 3.1% during the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock worth $311,000 after buying an additional 123 shares during the last quarter. LVW Advisors LLC lifted its position in Best Buy by 3.9% during the 3rd quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after acquiring an additional 137 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares during the last quarter. Huntington National Bank increased its holdings in shares of Best Buy by 12.0% in the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock valued at $98,000 after purchasing an additional 139 shares during the period. Finally, Panagora Asset Management Inc. raised its stake in shares of Best Buy by 1.5% during the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock worth $639,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.8%

BBY opened at $62.82 on Friday. The business has a fifty day moving average price of $67.29 and a 200 day moving average price of $73.04. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26. Best Buy has a 12 month low of $54.99 and a 12 month high of $90.86. The stock has a market capitalization of $13.16 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 1.49 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The business had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. During the same quarter last year, the business posted $1.26 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.