Best Buy (NYSE:BBY) PT Raised to $110.00 at Loop Capital

Best Buy (NYSE:BBY) had its price target lifted by equities researchers at Loop Capital from $100.00 to $110.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price target would suggest a potential upside of 9.56% from the company’s previous close.

Other analysts also recently issued research reports about the company. Wedbush reiterated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research note on Tuesday, May 28th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and increased their price target for the company from $67.00 to $100.00 in a report on Monday, June 3rd. UBS Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $106.00 in a research report on Monday, June 17th. Truist Financial reaffirmed a “hold” rating and set a $86.00 price objective on shares of Best Buy in a report on Monday, July 1st. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $100.94.

Best Buy Stock Up 0.2 %

BBY opened at $100.40 on Friday. The company has a market capitalization of $21.66 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The business has a 50-day moving average of $85.94 and a 200-day moving average of $81.09.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 earnings per share. Equities research analysts forecast that Best Buy will post 6.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the sale, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 2,383,370 shares of company stock valued at $208,083,276 over the last ninety days. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently made changes to their positions in the company. AMF Tjanstepension AB acquired a new stake in Best Buy during the 1st quarter valued at $8,676,000. GAMMA Investing LLC grew its holdings in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the last quarter. Bridgewater Associates LP increased its stake in shares of Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after buying an additional 50,438 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares in the last quarter. Finally, Private Advisor Group LLC bought a new position in shares of Best Buy in the fourth quarter valued at about $328,000. Institutional investors 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.