Best Buy (NYSE:BBY) Rating Increased to Hold at Zacks Investment Research

Best Buy (NYSE:BBY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, November 14th.

According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns. Further, analyst believes increase in investment may strain margins in the coming quarters.”

Several other analysts have also issued reports on the company. Jefferies Group reiterated a “hold” rating and set a $60.00 target price on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Wedbush set a $33.00 target price on Best Buy and gave the stock a “sell” rating in a report on Monday, November 13th. KeyCorp reiterated a “hold” rating on shares of Best Buy in a report on Friday, November 10th. Loop Capital set a $72.00 price target on Best Buy and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $68.00 price target on shares of Best Buy in a research report on Thursday, September 21st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $58.81.

Shares of Best Buy (NYSE BBY) traded up $0.74 during trading on Tuesday, hitting $60.35. The stock had a trading volume of 5,884,798 shares, compared to its average volume of 4,373,785. The company has a market capitalization of $18,055.81, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.25 and a beta of 1.40. Best Buy has a 12 month low of $41.67 and a 12 month high of $63.32. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The company had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. During the same period in the previous year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. analysts expect that Best Buy will post 4.03 earnings per share for the current fiscal year.

In related news, CFO Corie S. Barry sold 3,426 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $187,333.68. Following the sale, the chief financial officer now owns 57,903 shares of the company’s stock, valued at $3,166,136.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total value of $58,800,000.00. The disclosure for this sale can be found here. Insiders have sold 1,230,052 shares of company stock worth $71,516,604 in the last three months. 1.21% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Thrivent Financial For Lutherans lifted its stake in Best Buy by 4.1% during the first quarter. Thrivent Financial For Lutherans now owns 9,885 shares of the technology retailer’s stock worth $486,000 after purchasing an additional 390 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its stake in Best Buy by 508.5% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,868 shares of the technology retailer’s stock worth $2,630,000 after purchasing an additional 38,330 shares during the last quarter. Eqis Capital Management Inc. lifted its stake in Best Buy by 23.6% during the second quarter. Eqis Capital Management Inc. now owns 7,400 shares of the technology retailer’s stock worth $424,000 after purchasing an additional 1,411 shares during the last quarter. CENTRAL TRUST Co lifted its stake in Best Buy by 1.9% during the second quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock worth $304,000 after purchasing an additional 100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Best Buy by 59.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 255,973 shares of the technology retailer’s stock worth $14,675,000 after purchasing an additional 95,000 shares during the last quarter. Hedge funds and other institutional investors own 86.44% of the company’s stock.

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Best Buy Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

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