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

Best Buy (NYSE:BBYGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Several other research firms have also commented on BBY. Morgan Stanley dropped their target price on Best Buy from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 18th. Wells Fargo & Company dropped their target price on Best Buy from $110.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, February 28th. Citigroup dropped their target price on Best Buy from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Monday, February 28th. Jefferies Financial Group raised their price objective on Best Buy from $137.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Finally, Telsey Advisory Group dropped their price objective on Best Buy from $150.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 28th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $118.93.

Shares of NYSE BBY traded up $2.00 during mid-day trading on Wednesday, hitting $95.23. The company had a trading volume of 1,870,738 shares, compared to its average volume of 3,175,824. The company has a market capitalization of $21.45 billion, a PE ratio of 9.68, a price-to-earnings-growth ratio of 1.10 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.99 and a quick ratio of 0.43. Best Buy has a 1-year low of $85.58 and a 1-year high of $141.97. The business’s 50-day simple moving average is $97.53 and its 200 day simple moving average is $105.65.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Thursday, March 3rd. The technology retailer reported $2.73 EPS for the quarter, meeting the consensus estimate of $2.73. The firm had revenue of $16.37 billion for the quarter, compared to analyst estimates of $16.54 billion. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. Best Buy’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.48 earnings per share. On average, analysts expect that Best Buy will post 8.97 EPS for the current year.

In related news, insider Todd G. Hartman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total value of $203,460.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,331 shares of the firm’s stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $230,908.86. The disclosure for this sale can be found here. Insiders have sold 35,769 shares of company stock valued at $3,548,574 in the last quarter. Insiders own 0.36% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. State Street Corp lifted its position in shares of Best Buy by 2.8% during the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after acquiring an additional 282,542 shares during the period. Geode Capital Management LLC lifted its position in shares of Best Buy by 6.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,418,405 shares of the technology retailer’s stock valued at $465,937,000 after acquiring an additional 257,611 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,484,436 shares of the technology retailer’s stock valued at $354,019,000 after acquiring an additional 150,628 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,139,985 shares of the technology retailer’s stock valued at $331,926,000 after acquiring an additional 45,000 shares during the period. Finally, Norges Bank acquired a new stake in shares of Best Buy during the 4th quarter valued at approximately $251,898,000. Institutional investors own 79.39% of the company’s stock.

Best Buy Company Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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