Credit Suisse Group Raises Best Buy (BBY) Price Target to $78.00

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Best Buy (NYSE:BBY) had its price objective hoisted by Credit Suisse Group from $74.00 to $78.00 in a research note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the technology retailer’s stock. Credit Suisse Group’s target price indicates a potential upside of 0.48% from the stock’s previous close.

BBY has been the topic of several other research reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 price target on the stock in a research report on Tuesday, July 24th. Loop Capital set a $85.00 price target on shares of Best Buy and gave the stock a “buy” rating in a research report on Thursday, May 24th. Morgan Stanley reiterated a “buy” rating on shares of Best Buy in a research report on Friday, June 8th. Wedbush set a $48.00 price target on shares of Best Buy and gave the stock a “sell” rating in a research report on Sunday, May 27th. Finally, ValuEngine upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $79.35.

NYSE BBY opened at $77.63 on Wednesday. The company has a current ratio of 1.27, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market cap of $22.82 billion, a P/E ratio of 17.56, a PEG ratio of 1.42 and a beta of 0.79. Best Buy has a 1 year low of $51.61 and a 1 year high of $84.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.08. The business had revenue of $9.38 billion for the quarter, compared to analyst estimates of $9.25 billion. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. equities analysts expect that Best Buy will post 5.04 EPS for the current year.

In related news, insider Kathleen Scarlett sold 1,225 shares of Best Buy stock in a transaction on Monday, June 4th. The shares were sold at an average price of $68.85, for a total transaction of $84,341.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Asheesh Saksena sold 18,570 shares of Best Buy stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $73.69, for a total transaction of $1,368,423.30. Following the transaction, the insider now directly owns 77,478 shares of the company’s stock, valued at approximately $5,709,353.82. The disclosure for this sale can be found here. Insiders have sold 20,252 shares of company stock valued at $1,485,915 in the last ninety days. Insiders own 0.75% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY raised its stake in Best Buy by 1.7% during the second quarter. Metropolitan Life Insurance Co. NY now owns 40,220 shares of the technology retailer’s stock worth $3,000,000 after buying an additional 680 shares during the last quarter. Schroder Investment Management Group raised its stake in Best Buy by 1.1% during the second quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock worth $4,884,000 after buying an additional 725 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Best Buy by 3.4% during the second quarter. Envestnet Asset Management Inc. now owns 22,879 shares of the technology retailer’s stock worth $1,707,000 after buying an additional 743 shares during the last quarter. Dorsey Wright & Associates raised its stake in Best Buy by 8.2% during the second quarter. Dorsey Wright & Associates now owns 10,292 shares of the technology retailer’s stock worth $768,000 after buying an additional 776 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its stake in Best Buy by 2.4% during the second quarter. First Citizens Bank & Trust Co. now owns 36,474 shares of the technology retailer’s stock worth $2,720,000 after buying an additional 867 shares during the last quarter. 82.10% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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