Best Buy Co., Inc. (BBY) Upgraded by Zacks Investment Research to Buy

Best Buy Co., Inc. (NYSE:BBY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $66.00 target price on the technology retailer’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.79% from the company’s previous close.

According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”

BBY has been the subject of several other reports. Barclays PLC reissued a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a research note on Monday, August 28th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $58.00 target price (down from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. BidaskClub raised Best Buy Co. from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a report on Tuesday, August 22nd. Finally, Loop Capital reaffirmed a “buy” rating and issued a $72.00 target price on shares of Best Buy Co. in a report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $59.19.

Best Buy Co. (BBY) traded down 2.93% on Tuesday, reaching $57.31. The company’s stock had a trading volume of 1,917,251 shares. The firm’s 50-day moving average price is $57.02 and its 200 day moving average price is $55.12. Best Buy Co. has a 52-week low of $37.10 and a 52-week high of $63.32. The company has a market cap of $17.15 billion, a P/E ratio of 15.17 and a beta of 1.51.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. Equities analysts anticipate that Best Buy Co. will post $4.06 EPS for the current fiscal year.

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In other news, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total value of $566,734.53. Following the completion of the transaction, the insider now directly owns 25,690 shares of the company’s stock, valued at $1,348,468.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $57.26, for a total value of $179,452.84. The disclosure for this sale can be found here. Insiders sold 166,259 shares of company stock valued at $9,182,693 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Several institutional investors have recently bought and sold shares of BBY. Victory Capital Management Inc. boosted its holdings in shares of Best Buy Co. by 13.0% in the first quarter. Victory Capital Management Inc. now owns 88,309 shares of the technology retailer’s stock worth $4,340,000 after acquiring an additional 10,142 shares during the period. OppenheimerFunds Inc. raised its position in shares of Best Buy Co. by 17.8% in the first quarter. OppenheimerFunds Inc. now owns 115,409 shares of the technology retailer’s stock worth $5,672,000 after buying an additional 17,436 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Best Buy Co. by 7.4% in the first quarter. Principal Financial Group Inc. now owns 461,304 shares of the technology retailer’s stock worth $22,672,000 after buying an additional 31,595 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Best Buy Co. by 34.8% in the first quarter. Wellington Management Group LLP now owns 423,402 shares of the technology retailer’s stock worth $20,811,000 after buying an additional 109,394 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Best Buy Co. in the first quarter worth $7,223,000. 88.11% of the stock is owned by hedge funds and other institutional investors.

Best Buy Co. Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

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