Best Buy (NYSE:BBY) Stock Rating Reaffirmed by Morgan Stanley

Best Buy (NYSE:BBYGet Rating)‘s stock had its “maintains” rating reissued by Morgan Stanley in a research note issued to investors on Thursday, Marketbeat reports. They currently have a $82.00 price objective on the technology retailer’s stock, down from their previous price objective of $90.00. Morgan Stanley’s target price points to a potential upside of 6.51% from the company’s current price.

Several other equities research analysts have also recently commented on BBY. Bank of America cut shares of Best Buy from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 14th. DA Davidson lifted their price objective on Best Buy from $107.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, May 25th. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and reduced their target price for the stock from $106.00 to $71.00 in a report on Thursday. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Finally, Wells Fargo & Company reduced their price target on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.13.

Best Buy Stock Down 1.3 %

NYSE BBY opened at $76.99 on Thursday. Best Buy has a 1 year low of $64.29 and a 1 year high of $141.97. The stock has a market capitalization of $17.34 billion, a PE ratio of 8.54, a PEG ratio of 0.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.96 and a quick ratio of 0.24. The business’s 50-day moving average is $73.84 and its 200 day moving average is $87.96.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.02). The business had revenue of $10.65 billion during the quarter, compared to the consensus estimate of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. Best Buy’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.23 earnings per share. Sell-side analysts forecast that Best Buy will post 8.66 earnings per share for the current year.

Insider Activity

In other news, Chairman Richard M. Schulze acquired 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was bought at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the acquisition, the chairman now directly owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Corie S. Barry sold 4,388 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $307,160.00. Following the sale, the chief executive officer now directly owns 315,313 shares of the company’s stock, valued at $22,071,910. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze bought 250,000 shares of the stock in a transaction on Wednesday, May 25th. The shares were bought at an average price of $79.60 per share, for a total transaction of $19,900,000.00. Following the purchase, the chairman now directly owns 20,464,051 shares in the company, valued at approximately $1,628,938,459.60. The disclosure for this purchase can be found here. Insiders have sold a total of 63,011 shares of company stock worth $5,036,334 over the last 90 days. 0.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Baker Tilly Wealth Management LLC raised its stake in Best Buy by 4.2% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 2,627 shares of the technology retailer’s stock valued at $267,000 after buying an additional 106 shares during the last quarter. Concord Wealth Partners increased its position in Best Buy by 39.4% during the first quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 110 shares during the last quarter. Veriti Management LLC lifted its holdings in Best Buy by 3.5% in the first quarter. Veriti Management LLC now owns 3,389 shares of the technology retailer’s stock valued at $308,000 after acquiring an additional 114 shares during the period. Vestmark Advisory Solutions Inc. boosted its position in Best Buy by 1.3% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 9,489 shares of the technology retailer’s stock worth $964,000 after purchasing an additional 120 shares during the last quarter. Finally, Community Bank & Trust Waco Texas grew its stake in shares of Best Buy by 0.7% during the 4th quarter. Community Bank & Trust Waco Texas now owns 17,594 shares of the technology retailer’s stock valued at $1,788,000 after purchasing an additional 121 shares during the period. Institutional investors own 80.79% of the company’s stock.

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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