Best Buy’s (BBY) Buy Rating Reiterated at Guggenheim

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reissued by stock analysts at Guggenheim in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $90.00 target price on the technology retailer’s stock. Guggenheim’s price target would indicate a potential upside of 19.97% from the company’s current price.

BBY has been the subject of several other research reports. DA Davidson reissued a “buy” rating and issued a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Telsey Advisory Group restated an “outperform” rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday, May 30th. Barclays decreased their price target on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Piper Sandler lowered their price objective on shares of Best Buy from $92.00 to $82.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Finally, UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average target price of $86.11.

Best Buy Trading Up 3.1%

Best Buy stock traded up $2.27 during trading on Tuesday, reaching $75.02. 1,320,722 shares of the company were exchanged, compared to its average volume of 3,324,533. The stock’s 50 day simple moving average is $66.81 and its two-hundred day simple moving average is $78.00. The company has a market capitalization of $15.88 billion, a P/E ratio of 12.81, a PEG ratio of 2.10 and a beta of 1.25. 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 has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. The trade was a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Large investors have recently modified their holdings of the company. Stevens Capital Management LP grew its holdings in shares of Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock worth $1,941,000 after buying an additional 15,741 shares during the last quarter. Invesco Ltd. raised its position in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the period. Pinnacle Financial Partners Inc acquired a new position in Best Buy during the fourth quarter worth about $3,293,000. Finally, APG Asset Management N.V. acquired a new stake in shares of Best Buy during the 4th quarter valued at approximately $9,073,000. 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.