Best Buy (NYSE:BBY) PT Raised to $94.00 at Evercore ISI

Best Buy (NYSE:BBY) had its price target hoisted by Evercore ISI from $90.00 to $94.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s price target indicates a potential downside of 6.37% from the company’s current price.

BBY has been the subject of several other reports. DA Davidson upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Telsey Advisory Group upped their target price on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and increased their price objective for the company from $85.00 to $106.00 in a research note on Monday, June 17th. Finally, Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $100.94.

Best Buy Price Performance

Shares of Best Buy stock opened at $100.40 on Friday. The firm has a fifty day simple moving average of $85.94 and a 200-day simple moving average of $81.09. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The stock has a market capitalization of $21.66 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS 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 analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 EPS. On average, sell-side analysts expect that Best Buy will post 6.11 earnings per share for the current year.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction dated 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 sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction dated 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 sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,383,370 shares of company stock valued at $208,083,276. 0.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently added to or reduced their stakes in the stock. Tobam lifted its position in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the period. LVW Advisors LLC lifted its position in Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares during the period. Rise Advisors LLC lifted its position in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC lifted its position in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the period. Finally, Continuum Advisory LLC raised its position in shares of Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after acquiring an additional 149 shares during the period. 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.