Best Buy (BBY) Earns Neutral Rating from Citigroup

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating reiterated by equities research analysts at Citigroup in a research note issued to investors on Friday. They presently have a $74.00 target price on the technology retailer’s stock, up from their previous target price of $69.00. Citigroup’s target price points to a potential upside of 0.03% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a research note on Thursday, November 16th. Barclays raised their price objective on shares of Best Buy from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 30th. Telsey Advisory Group cut shares of Best Buy from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $62.00 to $81.00 in a research note on Thursday, January 25th. They noted that the move was a valuation call. Moffett Nathanson assumed coverage on shares of Best Buy in a research note on Monday, December 4th. They set a “sell” rating on the stock. Finally, Loop Capital set a $72.00 price objective on shares of Best Buy and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Best Buy presently has an average rating of “Hold” and a consensus target price of $63.64.

Shares of Best Buy (BBY) traded up $0.66 during midday trading on Friday, hitting $73.98. 529,792 shares of the stock were exchanged, compared to its average volume of 3,337,268. The firm has a market cap of $21,430.00, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.17 and a beta of 1.11. Best Buy has a twelve month low of $41.67 and a twelve month high of $78.59. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $9.32 billion for the quarter, compared to analysts’ expectations 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 was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $0.60 EPS. equities analysts forecast that Best Buy will post 4.04 EPS for the current year.

In other Best Buy news, General Counsel Keith J. Nelsen sold 44,235 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $56.78, for a total value of $2,511,663.30. Following the transaction, the general counsel now owns 107,503 shares in the company, valued at approximately $6,104,020.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total value of $58,800,000.00. The disclosure for this sale can be found here. Insiders sold a total of 3,134,253 shares of company stock worth $191,063,125 in the last 90 days. 1.21% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in BBY. SWS Partners purchased a new position in shares of Best Buy during the 4th quarter worth $110,000. Fieldpoint Private Securities LLC acquired a new stake in shares of Best Buy during the 3rd quarter worth about $139,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Best Buy by 232.8% during the 4th quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock worth $139,000 after purchasing an additional 1,420 shares during the last quarter. Smithfield Trust Co. acquired a new stake in shares of Best Buy during the 3rd quarter worth about $178,000. Finally, Squar Milner Financial Services LLC acquired a new stake in shares of Best Buy during the 4th quarter worth about $201,000. Institutional investors own 88.49% of the company’s stock.

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Best Buy 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.

Analyst Recommendations for Best Buy (NYSE:BBY)

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