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

Best Buy (NYSE:BBY)‘s stock had its “outperform” rating reissued by research analysts at Telsey Advisory Group in a report released on Tuesday,Benzinga reports. They presently have a $95.00 price objective on the technology retailer’s stock. Telsey Advisory Group’s price target indicates a potential upside of 49.58% from the company’s previous close.

A number of other equities research analysts have also weighed in on BBY. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a report on Wednesday, January 21st. The Goldman Sachs Group reduced their target price on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. Morgan Stanley lowered their price target on Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Barclays reduced their price objective on Best Buy from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 8th. Finally, Truist Financial reduced their target price on shares of Best Buy from $77.00 to $73.00 and set a “hold” rating on the stock in a report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock 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 hours on Tuesday, reaching $63.51. 570,467 shares of the company were exchanged, compared to its average volume of 4,401,609. The firm has a market cap of $13.31 billion, a PE ratio of 21.03, a PEG ratio of 1.54 and a beta of 1.44. The stock’s fifty day moving average is $67.85 and its 200 day moving average is $73.23. Best Buy has a 1 year low of $54.99 and a 1 year high of $91.20. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Hedge Funds Weigh In On Best Buy

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