Bank of America downgraded shares of Best Buy (NYSE:BBY) from a buy rating to a neutral rating in a research note published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $70.00 price target on the technology retailer’s stock, down from their prior price target of $92.00.
Other equities analysts have also issued reports about the stock. Raymond James raised their price target on shares of Best Buy from $87.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, August 29th. Credit Suisse Group raised their price target on shares of Best Buy from $74.00 to $78.00 and gave the stock a hold rating in a research report on Wednesday, August 29th. Deutsche Bank raised their price target on shares of Best Buy from $75.00 to $76.00 and gave the stock a hold rating in a research report on Wednesday, August 29th. Wedbush set a $65.00 price target on shares of Best Buy and gave the stock a sell rating in a research report on Thursday, August 23rd. Finally, Jefferies Financial Group began coverage on shares of Best Buy in a research report on Tuesday, August 21st. They set a hold rating and a $79.00 price target on the stock. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $79.25.
Shares of BBY opened at $67.05 on Tuesday. The stock has a market capitalization of $18.44 billion, a PE ratio of 15.17, a P/E/G ratio of 1.04 and a beta of 1.01. Best Buy has a fifty-two week low of $52.92 and a fifty-two week high of $84.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.52 and a current ratio of 1.21.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The business had revenue of $9.38 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period last year, the firm earned $0.69 earnings per share. Best Buy’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts anticipate that Best Buy will post 5.11 EPS for the current fiscal year.
In other Best Buy news, CFO Corie S. Barry sold 6,783 shares of the stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $72.80, for a total transaction of $493,802.40. Following the sale, the chief financial officer now directly owns 80,961 shares in the company, valued at $5,893,960.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Mathew Watson sold 2,131 shares of the stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total transaction of $165,962.28. Following the sale, the senior vice president now owns 18,131 shares in the company, valued at $1,412,042.28. The disclosure for this sale can be found here. Insiders have sold 76,711 shares of company stock worth $6,081,426 over the last quarter. Corporate insiders own 0.75% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BBY. LFA Lugano Financial Advisors SA acquired a new stake in Best Buy during the second quarter worth about $174,000. Squar Milner Financial Services LLC acquired a new stake in Best Buy during the second quarter worth about $201,000. RFG Advisory Group LLC acquired a new stake in Best Buy during the second quarter worth about $210,000. Courier Capital LLC acquired a new stake in Best Buy during the second quarter worth about $217,000. Finally, People s United Financial Inc. acquired a new stake in Best Buy during the third quarter worth about $222,000. Hedge funds and other institutional investors own 85.21% of the company’s stock.
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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