Best Buy Co., Inc. (NYSE:BBY) Receives Average Rating of “Hold” from Analysts

Best Buy Co., Inc. (NYSE:BBY) has been assigned an average recommendation of “Hold” from the twenty-two brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, fourteen have issued a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $79.7895.

A number of analysts have recently issued reports on the company. Piper Sandler lowered their price target on Best Buy from $76.00 to $71.00 and set a “neutral” rating on the stock in a research note on Monday. BNP Paribas Exane lowered their target price on shares of Best Buy from $69.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 26th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 target price on shares of Best Buy in a report on Tuesday. Guggenheim reissued a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday, November 26th. Finally, Morgan Stanley dropped their price objective on shares of Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. increased its stake in Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the period. Torren Management LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new stake in Best Buy during the 3rd quarter worth approximately $25,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Best Buy during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 0.8%

BBY opened at $62.82 on Friday. The company has a market cap of $13.16 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 1.49 and a beta of 1.44. Best Buy has a twelve month low of $54.99 and a twelve month high of $90.86. The company has a 50-day moving average price of $67.29 and a 200 day moving average price of $73.04. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. During the same period in the previous year, the business earned $1.26 EPS. Best Buy’s quarterly revenue was up 2.4% on a year-over-year basis. Sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.