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

Best Buy (NYSE:BBY) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Other analysts also recently issued research reports about the company. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Performance

Shares of BBY opened at $90.43 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $96.77 and its two-hundred day moving average is $86.94. The firm has a market cap of $19.42 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 2.58 and a beta of 1.46. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 earnings per share. Analysts forecast that Best Buy will post 6.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Palisade Asset Management LLC acquired a new position in Best Buy during the 1st quarter worth $27,000. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. PrairieView Partners LLC boosted its stake in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares in the last quarter. Innealta Capital LLC acquired a new position in Best Buy in the second quarter valued at about $35,000. Finally, Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone 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 products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.