Best Buy (BBY) Given a $80.00 Price Target by Loop Capital Analysts

Best Buy (NYSE:BBY) received a $80.00 target price from Loop Capital in a research note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price objective would suggest a potential upside of 7.73% from the company’s previous close.

Several other brokerages have also issued reports on BBY. Wedbush set a $38.00 price target on shares of Best Buy and gave the company a “sell” rating in a report on Monday, January 8th. Moffett Nathanson assumed coverage on shares of Best Buy in a report on Monday, December 4th. They issued a “sell” rating on the stock. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a report on Tuesday, October 10th. Oppenheimer reissued a “hold” rating on shares of Best Buy in a report on Thursday, November 16th. Finally, Deutsche Bank reissued a “buy” rating on shares of Best Buy in a report on Thursday, November 16th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and an average target price of $59.58.

Best Buy (NYSE:BBY) traded up $1.86 during trading hours on Tuesday, reaching $74.26. 3,199,600 shares of the company traded hands, compared to its average volume of 3,572,336. The firm has a market cap of $21,740.00, a PE ratio of 18.80, a P/E/G ratio of 1.35 and a beta of 1.38. Best Buy has a 1 year low of $41.67 and a 1 year high of $74.63. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The firm had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 EPS. research analysts forecast that Best Buy will post 4.02 EPS for the current fiscal year.

In other news, insider Shari L. Ballard sold 40,018 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total value of $2,248,211.24. Following the sale, the insider now owns 99,304 shares of the company’s stock, valued at approximately $5,578,898.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Richard M. Schulze sold 250,000 shares of the company’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $66.83, for a total transaction of $16,707,500.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $115,782,975. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,134,253 shares of company stock worth $191,063,125. 1.21% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of BBY. Dimensional Fund Advisors LP grew its holdings in Best Buy by 3.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,828,752 shares of the technology retailer’s stock worth $276,833,000 after acquiring an additional 154,426 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Best Buy by 27.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after acquiring an additional 866,787 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Best Buy by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after acquiring an additional 3,119,700 shares during the last quarter. APG Asset Management N.V. grew its holdings in Best Buy by 27.6% during the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after acquiring an additional 723,500 shares during the last quarter. Finally, Evercore Trust Company N.A. grew its holdings in Best Buy by 0.9% during the 3rd quarter. Evercore Trust Company N.A. now owns 1,658,444 shares of the technology retailer’s stock worth $94,465,000 after acquiring an additional 14,500 shares during the last quarter. 88.52% of the stock is currently owned by institutional investors and hedge funds.

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About Best Buy

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.

Analyst Recommendations for Best Buy (NYSE:BBY)

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