Best Buy (NYSE:BBY) Research Coverage Started at Melius Research

Equities research analysts at Melius Research started coverage on shares of Best Buy (NYSE:BBY) in a research note issued on Monday, Benzinga reports. The firm set a “hold” rating and a $100.00 price target on the technology retailer’s stock. Melius Research’s target price suggests a potential upside of 2.34% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Wedbush increased their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their target price on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, UBS Group lifted their price target on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Trading Up 0.4 %

Shares of NYSE BBY traded up $0.41 on Monday, reaching $97.71. 939,542 shares of the company traded hands, compared to its average volume of 3,090,349. The stock has a market capitalization of $21.08 billion, a PE ratio of 17.11, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average of $90.15 and a 200 day moving average of $83.54.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 earnings per share. On average, equities research analysts forecast that Best Buy will post 6.26 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 in the last ninety days. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. AMF Tjanstepension AB acquired a new position in shares of Best Buy during the 1st quarter worth approximately $8,676,000. GAMMA Investing LLC lifted its position in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the period. Bridgewater Associates LP increased its position in shares of Best Buy by 34.9% during the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after buying an additional 50,438 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after buying an additional 7,663 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Best Buy by 214.4% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 426,430 shares of the technology retailer’s stock valued at $33,381,000 after buying an additional 290,812 shares during the period. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

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.