UBS Group Increases Best Buy (NYSE:BBY) Price Target to $80.00

Best Buy (NYSE:BBYGet Rating) had its price target upped by research analysts at UBS Group to $80.00 in a report released on Thursday, Stock Target Advisor reports. UBS Group’s price objective indicates a potential downside of 2.90% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and lowered their price objective for the company from $106.00 to $71.00 in a research report on Thursday, July 28th. Wedbush upped their price objective on Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. DA Davidson lowered their price objective on Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. Morgan Stanley lowered their price objective on Best Buy from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 31st. Finally, StockNews.com initiated coverage on Best Buy in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.44.

Best Buy Stock Up 3.1 %

Shares of Best Buy stock traded up $2.51 during midday trading on Thursday, hitting $82.39. The company had a trading volume of 6,270,950 shares, compared to its average volume of 3,555,419. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.98. The stock has a market capitalization of $18.55 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.73 and a beta of 1.46. The company has a 50 day moving average of $68.17 and a 200 day moving average of $73.10. Best Buy has a 52-week low of $60.78 and a 52-week high of $121.87.

Best Buy (NYSE:BBYGet Rating) last posted its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion for the quarter, compared to the consensus estimate of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.08 EPS. On average, equities analysts predict that Best Buy will post 6.2 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the sale, the executive vice president now directly owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the stock in a transaction on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kathleen Scarlett sold 25,071 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the sale, the executive vice president now owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The disclosure for this sale can be found here. Insiders sold 26,533 shares of company stock worth $1,925,382 in the last three months. Corporate insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the business. BerganKDV Wealth Management LLC grew its position in shares of Best Buy by 13,566.7% during the second quarter. BerganKDV Wealth Management LLC now owns 410 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 407 shares in the last quarter. Clear Street Markets LLC grew its position in shares of Best Buy by 376.4% during the second quarter. Clear Street Markets LLC now owns 424 shares of the technology retailer’s stock valued at $28,000 after purchasing an additional 335 shares in the last quarter. Exos TFP Holdings LLC purchased a new position in shares of Best Buy during the third quarter valued at about $29,000. Ellevest Inc. grew its position in shares of Best Buy by 91.1% during the second quarter. Ellevest Inc. now owns 472 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 225 shares in the last quarter. Finally, Glassman Wealth Services grew its position in shares of Best Buy by 242.0% during the second quarter. Glassman Wealth Services now owns 472 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 79.86% of the company’s stock.

About Best Buy

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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