Best Buy (NYSE:BBY) Earns “Buy” Rating from Citigroup

Best Buy (NYSE:BBYGet Rating)‘s stock had its “buy” rating restated by research analysts at Citigroup in a research report issued to clients and investors on Thursday, 24/7 WallStreet reports.

Several other equities research analysts have also recently weighed in on BBY. The Goldman Sachs Group reiterated a “sell” rating and issued a $82.00 target price (down from $96.00) on shares of Best Buy in a report on Tuesday, June 7th. DA Davidson increased their price objective on shares of Best Buy from $107.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, May 25th. Guggenheim reduced their price objective on shares of Best Buy from $130.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Piper Sandler dropped their target price on Best Buy to $91.00 in a research report on Wednesday, May 25th. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $130.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average target price of $96.06.

Shares of NYSE BBY opened at $69.88 on Thursday. Best Buy has a fifty-two week low of $67.66 and a fifty-two week high of $141.97. The company has a market cap of $15.73 billion, a price-to-earnings ratio of 7.76, a PEG ratio of 0.96 and a beta of 1.42. The business’s 50 day moving average price is $83.20 and its 200-day moving average price is $93.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.24 and a current ratio of 0.96.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.04). The company had revenue of $10.65 billion during the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a net margin of 4.33% and a return on equity of 63.39%. Best Buy’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the firm earned $2.23 earnings per share. Sell-side analysts predict that Best Buy will post 8.68 earnings per share for the current year.

In related news, CEO Corie S. Barry sold 4,388 shares of the firm’s stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $307,160.00. Following the sale, the chief executive officer now owns 315,313 shares in the company, valued at $22,071,910. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Todd G. Hartman sold 1,188 shares of the company’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $95.72, for a total transaction of $113,715.36. Following the completion of the transaction, the insider now owns 34,513 shares of the company’s stock, valued at approximately $3,303,584.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,151 shares of company stock worth $5,146,816. 0.44% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Counterpoint Mutual Funds LLC purchased a new stake in Best Buy in the 4th quarter worth $25,000. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Best Buy during the first quarter worth about $27,000. Concord Wealth Partners raised its position in shares of Best Buy by 1,016.0% during the 4th quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock worth $28,000 after purchasing an additional 254 shares during the last quarter. Adirondack Trust Co. purchased a new position in Best Buy in the 1st quarter valued at about $30,000. Finally, Widmann Financial Services Inc. acquired a new stake in Best Buy in the 4th quarter worth about $31,000. 80.79% of the stock is owned by institutional investors.

Best Buy Company Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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