Best Buy’s (BBY) Buy Rating Reiterated at Loop Capital

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reiterated by analysts at Loop Capital in a report issued on Wednesday,Benzinga reports. They presently have a $100.00 price objective on the technology retailer’s stock. Loop Capital’s price objective would suggest a potential upside of 12.13% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Guggenheim decreased their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Wedbush upped their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Up 1.9 %

NYSE:BBY traded up $1.70 during mid-day trading on Wednesday, reaching $89.18. The stock had a trading volume of 481,913 shares, compared to its average volume of 3,075,365. The company has a market capitalization of $19.07 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The stock’s 50 day simple moving average is $91.14 and its two-hundred day simple moving average is $90.61. 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 quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. Equities analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the third quarter worth $40,000. LRI Investments LLC lifted its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares in the last quarter. Innealta Capital LLC acquired a new position in Best Buy during the second quarter worth about $35,000. Finally, Brooklyn Investment Group purchased a new stake in Best Buy during the 3rd quarter valued at about $44,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.