Best Buy (NYSE:BBY) Rating Lowered to Hold at StockNews.com

Best Buy (NYSE:BBY) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Several other equities analysts also recently commented on BBY. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Melius Research initiated coverage on Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, UBS Group increased their price target on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

BBY opened at $97.47 on Thursday. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71. The firm has a market capitalization of $20.93 billion, a PE ratio of 16.81, a PEG ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The business’s 50-day simple moving average is $93.53 and its 200 day simple moving average is $85.51.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’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 company earned $1.22 earnings per share. As a group, sell-side analysts expect that Best Buy will post 6.28 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction on 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 completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on 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 transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on 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 directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,379,870 shares of company stock worth $121,942,706. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Rise Advisors LLC grew its holdings in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC acquired a new stake in Best Buy during the 1st quarter worth about $27,000. Richardson Financial Services Inc. grew its holdings in Best Buy by 190.9% during the 2nd 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 period. PrairieView Partners LLC grew its holdings in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares during the period. Finally, Innealta Capital LLC acquired a new stake in Best Buy during the 2nd quarter worth about $35,000. 80.96% of the stock is owned by institutional investors.

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.