Telsey Advisory Group Reaffirms Outperform Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “outperform” rating reaffirmed by investment analysts at Telsey Advisory Group in a research note issued on Tuesday,Benzinga reports. They currently have a $95.00 target price on the technology retailer’s stock. Telsey Advisory Group’s price objective points to a potential upside of 49.58% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Loop Capital lifted their target price on shares of Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. The Goldman Sachs Group decreased their price objective on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Morgan Stanley cut their target price on Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th. Evercore lowered their price objective on shares of Best Buy from $80.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, February 3rd. Finally, Wells Fargo & Company dropped their target price on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $79.79.

Best Buy Stock Up 1.3%

Shares of Best Buy stock traded up $0.80 during trading on Tuesday, reaching $63.51. 570,467 shares of the company traded hands, compared to its average volume of 4,401,609. The firm has a market capitalization of $13.31 billion, a PE ratio of 21.03, a P/E/G ratio of 1.54 and a beta of 1.44. Best Buy has a 1-year low of $54.99 and a 1-year high of $91.20. The company has a 50 day moving average price of $67.85 and a 200-day moving average price of $73.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. The firm had revenue of $9.67 billion during the quarter, compared to the consensus estimate of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.26 earnings per share. As a group, equities research analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently modified their holdings of BBY. Vanguard Group Inc. grew its stake in Best Buy by 2.4% in the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Best Buy by 46.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock worth $10,760,000 after buying an additional 44,989 shares during the last quarter. CWM LLC raised its stake in shares of Best Buy by 272.6% during the 3rd quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock worth $13,902,000 after acquiring an additional 134,508 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Best Buy by 2.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock worth $132,701,000 after acquiring an additional 39,026 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in Best Buy by 155.9% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock valued at $11,903,000 after acquiring an additional 95,900 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.