Best Buy Co., Inc. (BBY) Stock Rating Upgraded by Zacks Investment Research
Best Buy Co., Inc. (NYSE:BBY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $66.00 price target on the technology retailer’s stock. Zacks Investment Research‘s price target indicates a potential upside of 18.98% from the stock’s current price.
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.”
Other equities research analysts have also recently issued reports about the company. UBS AG restated a “buy” rating and set a $57.00 target price (down from $60.00) on shares of Best Buy Co. in a report on Wednesday, September 20th. Piper Jaffray Companies restated a “buy” rating and set a $68.00 target price on shares of Best Buy Co. in a report on Thursday, September 21st. Loop Capital restated a “buy” rating and set a $72.00 target price on shares of Best Buy Co. in a report on Saturday, July 22nd. Jefferies Group LLC restated a “hold” rating and set a $60.00 target price on shares of Best Buy Co. in a report on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Best Buy Co. in a report on Wednesday, September 20th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $59.19.
Best Buy Co. (NYSE:BBY) traded down 0.69% during trading on Tuesday, hitting $55.09. The company had a trading volume of 198,450 shares. Best Buy Co. has a 1-year low of $37.10 and a 1-year high of $63.32. The stock has a market capitalization of $16.48 billion, a price-to-earnings ratio of 14.58 and a beta of 1.51. The company’s 50 day moving average price is $56.75 and its 200-day moving average price is $55.21.
Best Buy Co. (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. On average, analysts expect that Best Buy Co. will post $4.06 EPS for the current year.
In related news, VP Mathew Watson sold 1,129 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $61,733.72. Following the completion of the transaction, the vice president now owns 17,764 shares of the company’s stock, valued at approximately $971,335.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Shari L. Ballard sold 2,246 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $134,580.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Spectrum Management Group Inc. increased its position in Best Buy Co. by 25.7% during the 2nd quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after buying an additional 4,405 shares in the last quarter. Bedrijfstakpensioenfonds Voor DE Media PNO bought a new position in Best Buy Co. during the 2nd quarter valued at approximately $1,534,000. Commerzbank Aktiengesellschaft FI increased its position in Best Buy Co. by 18.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after buying an additional 13,150 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Best Buy Co. by 23.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after buying an additional 34,345 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Best Buy Co. by 9.1% during the 1st quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock valued at $171,592,000 after buying an additional 292,667 shares in the last quarter. 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.
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