Best Buy (NYSE:BBY) Earns Hold Rating from Analysts at Melius Research

Melius Research assumed coverage on shares of Best Buy (NYSE:BBY) in a note issued to investors on Monday, Benzinga reports. The brokerage set a “hold” rating and a $100.00 price target on the technology retailer’s stock. Melius Research’s price target would indicate a potential upside of 1.02% from the stock’s current price.

A number of other analysts have also commented on BBY. UBS Group lifted their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company lifted their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Wedbush upped their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Finally, Citigroup raised their price target on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Trading Up 1.2 %

Shares of NYSE BBY opened at $98.99 on Monday. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a 50-day moving average of $90.63 and a two-hundred day moving average of $83.82. The company has a market cap of $21.35 billion, a PE ratio of 17.34, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.22 EPS. As a group, equities analysts expect that Best Buy will post 6.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last ninety days. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently modified their holdings of the stock. Richardson Financial Services Inc. boosted its holdings in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. Rise Advisors LLC lifted its stake in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new position in shares of Best Buy in the 1st quarter valued at about $27,000. PrairieView Partners LLC increased its stake in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of Best Buy during the 2nd quarter worth about $35,000. Institutional investors 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.