Best Buy (NYSE:BBY) PT Raised to $115.00 at Telsey Advisory Group

Best Buy (NYSE:BBY) had its target price lifted by research analysts at Telsey Advisory Group from $95.00 to $115.00 in a research report issued on Friday, StockNewsAPI reports. The brokerage currently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s price objective would indicate a potential upside of 14.97% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Evercore ISI upped their target price on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Wedbush reissued a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Bank of America increased their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday. Finally, Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and lifted their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $92.06.

Best Buy Stock Performance

BBY stock opened at $100.03 on Friday. Best Buy has a one year low of $62.30 and a one year high of $103.71. The firm has a market cap of $21.58 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a 50-day simple moving average of $85.58 and a two-hundred day simple moving average of $80.79.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 earnings per share. On average, equities analysts forecast that Best Buy will post 6.11 EPS for the current fiscal year.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,383,370 shares of company stock valued at $208,083,276. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Best Buy during the second quarter worth about $60,000. SPC Financial Inc. increased its stake in Best Buy by 12.3% during the 2nd quarter. SPC Financial Inc. now owns 4,442 shares of the technology retailer’s stock worth $374,000 after buying an additional 486 shares during the period. Chase Investment Counsel Corp acquired a new stake in Best Buy during the 2nd quarter worth approximately $270,000. Hershey Financial Advisers LLC purchased a new stake in shares of Best Buy during the second quarter worth $48,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Best Buy in the second quarter valued at $210,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

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.