Best Buy’s (BBY) “Hold” Rating Reaffirmed at Truist Financial

Best Buy (NYSE:BBY)‘s stock had its “hold” rating reiterated by stock analysts at Truist Financial in a research report issued on Monday, Benzinga reports. They currently have a $86.00 target price on the technology retailer’s stock. Truist Financial’s price objective indicates a potential upside of 4.39% from the company’s current price.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Loop Capital upped their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Jefferies Financial Group cut their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Stock Performance

BBY traded down $1.91 during mid-day trading on Monday, reaching $82.38. 1,494,457 shares of the company traded hands, compared to its average volume of 3,170,553. The stock has a market capitalization of $17.77 billion, a P/E ratio of 14.41, a P/E/G ratio of 2.72 and a beta of 1.48. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average price is $79.74 and its 200-day moving average price is $77.76. Best Buy has a 52-week low of $62.30 and a 52-week high of $93.72.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 EPS. On average, sell-side analysts expect that Best Buy will post 6.11 EPS for the current year.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock valued at $166,397,807 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in BBY. Norges Bank purchased a new stake in Best Buy in the fourth quarter valued at $165,164,000. HS Management Partners LLC acquired a new position in shares of Best Buy in the fourth quarter worth about $103,854,000. Epoch Investment Partners Inc. raised its position in shares of Best Buy by 11,586.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after acquiring an additional 680,257 shares during the period. KBC Group NV raised its position in shares of Best Buy by 320.4% in the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock worth $67,352,000 after acquiring an additional 655,750 shares during the period. Finally, Swedbank AB acquired a new position in shares of Best Buy in the first quarter worth about $43,522,000. 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.