Best Buy (NYSE:BBY) Rating Reiterated by Morgan Stanley

Best Buy (NYSE:BBYGet Rating)‘s stock had its “maintains” rating restated by Morgan Stanley in a report released on Thursday, Marketbeat Ratings reports. They presently have a $82.00 price objective on the technology retailer’s stock, down from their prior price objective of $90.00. Morgan Stanley’s price objective suggests a potential upside of 6.51% from the company’s current price.

A number of other equities analysts have also commented on the stock. Barclays lowered shares of Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 target price on the stock. in a research report on Wednesday, May 25th. Wells Fargo & Company decreased their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday. Citigroup reissued a “buy” rating on shares of Best Buy in a research report on Thursday, June 23rd. Wedbush decreased their price objective on Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Finally, Truist Financial dropped their target price on shares of Best Buy from $83.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $88.13.

Best Buy Price Performance

Shares of Best Buy stock opened at $76.99 on Thursday. The stock has a 50 day moving average price of $73.84 and a 200-day moving average price of $87.96. Best Buy has a one year low of $64.29 and a one year high of $141.97. The stock has a market cap of $17.34 billion, a price-to-earnings ratio of 8.54, a price-to-earnings-growth ratio of 0.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.24 and a current ratio of 0.96.

Best Buy (NYSE:BBYGet Rating) last announced its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.59 by ($0.02). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The business had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter last year, the firm earned $2.23 EPS. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. Equities analysts expect that Best Buy will post 8.66 EPS for the current year.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze acquired 250,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was acquired at an average price of $79.60 per share, with a total value of $19,900,000.00. Following the acquisition, the chairman now directly owns 20,464,051 shares in the company, valued at approximately $1,628,938,459.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Corie S. Barry sold 4,388 shares of the stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $307,160.00. Following the sale, the chief executive officer now directly owns 315,313 shares of the company’s stock, valued at approximately $22,071,910. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze purchased 250,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The stock was acquired at an average price of $79.60 per share, with a total value of $19,900,000.00. Following the purchase, the chairman now owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 63,011 shares of company stock valued at $5,036,334. 0.44% of the stock is owned by insiders.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its stake in Best Buy by 2.8% in 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. Charles Schwab Investment Management Inc. grew its position in shares of Best Buy by 6.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after purchasing an additional 236,513 shares during the period. Northern Trust Corp increased its stake in shares of Best Buy by 4.8% during the first quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock worth $333,796,000 after purchasing an additional 168,940 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Best Buy by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,508,029 shares of the technology retailer’s stock worth $228,035,000 after purchasing an additional 46,948 shares during the last quarter. Finally, Norges Bank purchased a new position in Best Buy in the 4th quarter valued at about $251,898,000. 80.79% of the stock is currently owned by hedge funds and other institutional investors.

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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