Best Buy Co., Inc. (BBY) PT Set at $33.00 by Wedbush

Best Buy Co., Inc. (NYSE:BBY) has been given a $33.00 price objective by stock analysts at Wedbush in a research report issued on Monday. The brokerage presently has a “sell” rating on the technology retailer’s stock. Wedbush’s price objective would indicate a potential downside of 42.31% from the stock’s previous close.

A number of other analysts have also recently commented on the company. KeyCorp restated a “hold” rating on shares of Best Buy Co. in a research report on Friday, November 10th. Zacks Investment Research cut Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Loop Capital set a $72.00 target price on Best Buy Co. and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Piper Jaffray Companies reiterated a “buy” rating and set a $68.00 target price on shares of Best Buy Co. in a research report on Thursday, September 21st. Finally, UBS AG reiterated a “buy” rating and set a $57.00 target price (down previously from $60.00) on shares of Best Buy Co. in a research report on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $58.97.

Shares of Best Buy Co. (NYSE:BBY) opened at $57.20 on Monday. The company has a market capitalization of $17,044.55, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.15 and a beta of 1.42. The company has a current ratio of 1.42, a quick ratio of 0.69 and a debt-to-equity ratio of 0.30. Best Buy Co. has a 1 year low of $39.03 and a 1 year high of $63.32.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 earnings per share. equities analysts forecast that Best Buy Co. will post 4.06 EPS for the current year.

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In other Best Buy Co. news, CEO Hubert Joly sold 106,942 shares of Best Buy Co. stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the completion of the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at approximately $35,280,738.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen Scarlett sold 10,797 shares of Best Buy Co. stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total value of $566,734.53. Following the sale, the insider now directly owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The disclosure for this sale can be found here. Insiders sold a total of 166,259 shares of company stock valued at $9,182,693 in the last three months. Insiders own 0.84% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Nordea Investment Management AB lifted its holdings in shares of Best Buy Co. by 0.3% in the 2nd quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock valued at $860,000 after buying an additional 48 shares during the period. Advisor Group Inc. lifted its holdings in shares of Best Buy Co. by 1.2% in the 2nd quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock valued at $265,000 after buying an additional 55 shares during the period. CENTRAL TRUST Co lifted its holdings in shares of Best Buy Co. by 1.9% in the 2nd quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock valued at $304,000 after buying an additional 100 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Best Buy Co. by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after buying an additional 163 shares during the period. Finally, Thrivent Financial For Lutherans increased its stake in shares of Best Buy Co. by 1.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 10,055 shares of the technology retailer’s stock valued at $576,000 after purchasing an additional 170 shares in the last quarter. 87.52% of the stock is owned by institutional investors.

About Best Buy Co.

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 Co. (NYSE:BBY)

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