Best Buy (NYSE:BBY) Upgraded to Buy at StockNews.com

Best Buy (NYSE:BBY) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

BBY has been the subject of several other reports. Wells Fargo & Company increased their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Bank of America boosted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Trading Up 0.5 %

Shares of BBY stock traded up $0.52 during trading hours on Monday, hitting $97.82. 2,078,456 shares of the company’s stock traded hands, compared to its average volume of 3,096,572. The stock’s 50 day simple moving average is $90.39 and its 200 day simple moving average is $83.67. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The stock has a market cap of $21.10 billion, a PE ratio of 17.13, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

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

Insider Buying and Selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were 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 in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock worth $122,233,276 in the last ninety days. 0.59% of the stock is owned by corporate insiders.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently bought and sold shares of the company. Richardson Financial Services Inc. grew its position in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new stake in Best Buy during the first quarter worth approximately $27,000. PrairieView Partners LLC increased its holdings in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Best Buy during the 2nd quarter worth $35,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.