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

Telsey Advisory Group reissued their outperform rating on shares of Best Buy (NYSE:BBY) in a research note published on Thursday,Benzinga reports. The brokerage currently has a $110.00 price objective on the technology retailer’s stock.

BBY has been the subject of a number of other reports. UBS Group cut their price target on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Wells Fargo & Company cut their target price 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. Morgan Stanley decreased their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Barclays cut their price objective 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. Finally, Truist Financial decreased their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

Best Buy Stock Down 2.0 %

Shares of NYSE BBY opened at $88.61 on Thursday. The business’s fifty day moving average price is $86.31 and its 200-day moving average price is $90.50. Best Buy has a one year low of $69.29 and a one year high of $103.71. The stock has a market capitalization of $18.95 billion, a PE ratio of 15.15, 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 current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its earnings results 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 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%. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 EPS. On average, equities research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. raised its stake in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the period. Klein Pavlis & Peasley Financial Inc. raised its position in Best Buy by 48.6% during the 4th 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 stake in shares of Best Buy in the 4th quarter valued at $453,000. Finally, Alberta Investment Management Corp increased its stake in shares of Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after acquiring an additional 21,200 shares during the period. 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.