Best Buy (NYSE:BBY) Receives Outperform Rating from Telsey Advisory Group

Telsey Advisory Group reiterated their outperform rating on shares of Best Buy (NYSE:BBY) in a research report sent to investors on Thursday,Benzinga reports. Telsey Advisory Group currently has a $110.00 price objective on the technology retailer’s stock.

A number of other research firms have also commented on BBY. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Wells Fargo & Company cut their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. UBS Group cut their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Finally, Citigroup reduced their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

Best Buy Stock Performance

Shares of NYSE BBY opened at $88.61 on Thursday. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $86.31 and a 200 day simple moving average of $90.50. The firm has a market capitalization of $18.95 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $9.63 billion. During the same quarter in the prior year, the business earned $1.29 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts expect that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. increased its position in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the period. Asset Management One Co. Ltd. raised its position in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in Best Buy by 48.6% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares during the last quarter. Merit Financial Group LLC acquired a new position in Best Buy during the 4th quarter worth about $453,000. Finally, Alberta Investment Management Corp boosted its holdings in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after acquiring an additional 21,200 shares during the last quarter. 80.96% of the stock is currently owned by 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.