Best Buy (NYSE:BBY) Earns Buy Rating from Guggenheim

Best Buy (NYSE:BBYGet Free Report)‘s stock had its “buy” rating reissued by equities researchers at Guggenheim in a report released on Tuesday,Benzinga reports. They currently have a $90.00 target price on the technology retailer’s stock. Guggenheim’s price target indicates a potential upside of 23.92% from the company’s current price.

Other analysts have also issued research reports about the stock. Truist Financial lifted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a “hold” rating in a report on Friday, May 30th. Bank of America reduced their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group cut their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their target price on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $86.11.

Check Out Our Latest Analysis on BBY

Best Buy Stock Performance

NYSE:BBY opened at $72.63 on Tuesday. Best Buy has a 1 year low of $54.99 and a 1 year high of $103.71. The firm has a 50 day moving average of $67.31 and a 200-day moving average of $77.95. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.37 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBYGet Free Report) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter in the previous year, the company posted $1.20 EPS. Best Buy’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 6,847 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the sale, the executive vice president now owns 87,389 shares of the company’s stock, valued at $6,348,810.85. The trade was a 7.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 807,556 shares of company stock valued at $58,962,426. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after purchasing an additional 408,605 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy during the 4th quarter worth approximately $514,483,000. Geode Capital Management LLC raised its position in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after buying an additional 239,840 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Best Buy by 6.4% in the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock worth $289,051,000 after buying an additional 234,669 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

(Get Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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