Best Buy (NYSE:BBY) Downgraded to Hold Rating by StockNews.com

Best Buy (NYSE:BBY) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Friday.

Several other analysts also recently weighed in on BBY. Melius Research started coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Wedbush lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group increased their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Up 1.2 %

Best Buy stock traded up $1.08 during midday trading on Friday, hitting $92.66. 3,741,374 shares of the company were exchanged, compared to its average volume of 2,988,747. The company has a market cap of $19.90 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. Best Buy has a fifty-two week low of $62.92 and a fifty-two week high of $103.71. The company’s fifty day moving average price is $95.81 and its 200-day moving average price is $88.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 earnings per share. On average, research analysts predict that Best Buy will post 6.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. Bleakley Financial Group LLC boosted its position in Best Buy by 5.4% during the 1st quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock worth $494,000 after acquiring an additional 311 shares during the period. SageView Advisory Group LLC bought a new stake in shares of Best Buy during the 1st quarter worth about $309,000. Kingsview Wealth Management LLC acquired a new position in shares of Best Buy during the first quarter valued at approximately $695,000. Dorsey & Whitney Trust CO LLC raised its holdings in Best Buy by 30.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,491 shares of the technology retailer’s stock worth $368,000 after purchasing an additional 1,038 shares in the last quarter. Finally, Tocqueville Asset Management L.P. lifted its position in Best Buy by 28.4% in the first quarter. Tocqueville Asset Management L.P. now owns 3,280 shares of the technology retailer’s stock worth $269,000 after purchasing an additional 725 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone 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 products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.