Best Buy (NYSE:BBY) Given Outperform Rating at Telsey Advisory Group

Best Buy (NYSE:BBY)‘s stock had its “outperform” rating reissued by equities research analysts at Telsey Advisory Group in a research report issued on Thursday, Marketbeat Ratings reports. They presently have a $110.00 price objective on the technology retailer’s stock. Telsey Advisory Group’s target price suggests a potential upside of 22.16% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. UBS Group dropped their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Price Performance

Shares of BBY stock opened at $90.05 on Thursday. The stock has a 50 day moving average price of $86.40 and a 200 day moving average price of $90.57. The firm has a market capitalization of $19.25 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. As a group, sell-side analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Institutional investors have recently made changes to their positions in the business. Rakuten Securities Inc. raised its stake in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. raised its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

About Best Buy

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.