Best Buy (BBY) PT Raised to $80.00 at Telsey Advisory Group

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Best Buy (NYSE:BBY) had its target price raised by stock analysts at Telsey Advisory Group from $76.00 to $80.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a “market perform” rating on the technology retailer’s stock. Telsey Advisory Group’s price objective points to a potential upside of 2.55% from the company’s previous close.

Several other analysts also recently commented on BBY. Loop Capital set a $85.00 target price on shares of Best Buy and gave the stock a “buy” rating in a report on Thursday, May 24th. Wedbush set a $65.00 target price on shares of Best Buy and gave the stock a “sell” rating in a report on Thursday, August 23rd. Wells Fargo & Co restated a “hold” rating and set a $78.00 target price on shares of Best Buy in a report on Tuesday. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Finally, ValuEngine upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company. Best Buy currently has an average rating of “Hold” and an average target price of $79.35.

Shares of NYSE:BBY opened at $78.01 on Wednesday. The company has a market capitalization of $22.82 billion, a P/E ratio of 17.65, a PEG ratio of 1.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27. Best Buy has a fifty-two week low of $51.61 and a fifty-two week high of $84.37.

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

In other news, insider Kathleen Scarlett sold 1,225 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mathew Watson sold 457 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $72.54, for a total transaction of $33,150.78. Following the transaction, the senior vice president now directly owns 20,241 shares of the company’s stock, valued at $1,468,282.14. The disclosure for this sale can be found here. Insiders have sold a total of 20,252 shares of company stock valued at $1,485,915 over the last ninety days. Company insiders own 0.75% of the company’s stock.

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

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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