Telsey Advisory Group Reaffirms Outperform Rating for Best Buy (NYSE:BBY)

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

Several other equities analysts also recently weighed in on the stock. Guggenheim lowered their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 29th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Loop Capital restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company dropped their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.72.

Best Buy Price Performance

NYSE BBY opened at $90.05 on Thursday. The business’s fifty day moving average is $86.40 and its 200 day moving average is $90.57. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market capitalization of $19.25 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.29 earnings per share. Sell-side analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Best Buy

Several hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. lifted its stake in shares of Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares during the period. Klein Pavlis & Peasley Financial Inc. lifted its position in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares during the last quarter. Merit Financial Group LLC purchased a new position in Best Buy during the fourth quarter worth $453,000. Finally, Alberta Investment Management Corp increased its position in Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after acquiring an additional 21,200 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.