Best Buy (NYSE:BBY) Downgraded by StockNews.com to Hold

Best Buy (NYSE:BBY) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other equities research analysts have also commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group lifted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Wells Fargo & Company increased their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Price Performance

BBY stock traded up $1.08 during trading on Friday, reaching $92.66. 3,741,374 shares of the company were exchanged, compared to its average volume of 2,988,747. Best Buy has a 52-week low of $62.92 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The company has a market cap of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47. The stock’s 50 day moving average price is $95.81 and its 200 day moving average price is $88.00.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.22 EPS. As a group, analysts predict that Best Buy will post 6.28 earnings per share for the current fiscal year.

Institutional Trading of Best Buy

Institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC grew its position in Best Buy by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock valued at $494,000 after acquiring an additional 311 shares during the period. SageView Advisory Group LLC acquired a new stake in Best Buy during the 1st quarter worth approximately $309,000. Kingsview Wealth Management LLC purchased a new position in Best Buy in the first quarter valued at approximately $695,000. Dorsey & Whitney Trust CO LLC lifted its position in Best Buy by 30.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,491 shares of the technology retailer’s stock valued at $368,000 after buying an additional 1,038 shares in the last quarter. Finally, Tocqueville Asset Management L.P. grew its stake in Best Buy by 28.4% during the first quarter. Tocqueville Asset Management L.P. now owns 3,280 shares of the technology retailer’s stock worth $269,000 after buying an additional 725 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.