Best Buy (NYSE:BBY) Now Covered by Melius Research

Analysts at Melius Research began coverage on shares of Best Buy (NYSE:BBY) in a research report issued on Monday, Benzinga reports. The firm set a “hold” rating and a $100.00 price target on the technology retailer’s stock. Melius Research’s price target suggests a potential upside of 1.02% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Citigroup boosted their price target on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Finally, DA Davidson boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Price Performance

Shares of Best Buy stock opened at $98.99 on Monday. Best Buy has a 52 week low of $62.30 and a 52 week high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a market cap of $21.35 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company’s 50-day moving average price is $90.63 and its two-hundred day moving average price is $83.82.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.22 earnings per share. As a group, sell-side analysts anticipate that Best Buy will post 6.26 EPS for the current fiscal year.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its holdings in shares of Best Buy by 52.9% during the fourth quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer’s stock valued at $16,642,000 after acquiring an additional 73,579 shares during the period. Franklin Resources Inc. boosted its position in Best Buy by 9.4% in the fourth quarter. Franklin Resources Inc. now owns 310,289 shares of the technology retailer’s stock valued at $24,289,000 after buying an additional 26,737 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Best Buy by 4.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 95,855 shares of the technology retailer’s stock worth $7,504,000 after buying an additional 4,009 shares during the last quarter. Hilltop Holdings Inc. increased its holdings in shares of Best Buy by 23.4% during the fourth quarter. Hilltop Holdings Inc. now owns 6,961 shares of the technology retailer’s stock worth $545,000 after buying an additional 1,319 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co bought a new position in shares of Best Buy in the fourth quarter valued at approximately $210,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

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.