Best Buy (NYSE:BBY) Stock Rating Reaffirmed by The Goldman Sachs Group

Best Buy (NYSE:BBYGet Rating)‘s stock had its “sell” rating reissued by investment analysts at The Goldman Sachs Group in a research report issued to clients and investors on Tuesday. They currently have a $82.00 price objective on the technology retailer’s stock, down from their prior price objective of $96.00. The Goldman Sachs Group’s price target points to a potential upside of 3.44% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Piper Sandler reduced their price objective on Best Buy to $91.00 in a research report on Wednesday, May 25th. Wells Fargo & Company reduced their target price on shares of Best Buy to $82.00 in a research report on Wednesday, May 25th. Citigroup cut their price target on shares of Best Buy from $80.00 to $65.00 and set a “sell” rating on the stock in a report on Wednesday, May 25th. Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $76.00 price target for the company in a research report on Monday, May 23rd. Finally, UBS Group decreased their target price on shares of Best Buy to $80.00 in a research report on Wednesday, May 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $94.88.

Shares of NYSE:BBY opened at $79.27 on Tuesday. The company has a market capitalization of $17.85 billion, a price-to-earnings ratio of 8.80, a PEG ratio of 0.96 and a beta of 1.42. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $88.40 and a 200 day moving average price of $96.71. Best Buy has a 12-month low of $69.07 and a 12-month high of $141.97.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.04). The business had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. Best Buy’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.23 EPS. As a group, equities research analysts predict that Best Buy will post 8.68 earnings per share for the current fiscal year.

In related news, Chairman Richard M. Schulze purchased 250,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was bought at an average price of $79.60 per share, with a total value of $19,900,000.00. Following the completion of the purchase, the chairman now owns 20,464,051 shares in the company, valued at approximately $1,628,938,459.60. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 6,237 shares of the firm’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total value of $503,201.16. Following the sale, the executive vice president now directly owns 69,538 shares of the company’s stock, valued at approximately $5,610,325.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,522 shares of company stock valued at $8,387,282. Insiders own 0.44% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Center for Financial Planning Inc. boosted its holdings in Best Buy by 6.7% in the third quarter. Center for Financial Planning Inc. now owns 1,890 shares of the technology retailer’s stock worth $200,000 after acquiring an additional 118 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Best Buy by 20.5% in the third quarter. Rockefeller Capital Management L.P. now owns 2,368 shares of the technology retailer’s stock worth $249,000 after acquiring an additional 403 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in Best Buy by 1.4% in the third quarter. Neuberger Berman Group LLC now owns 757,083 shares of the technology retailer’s stock worth $79,407,000 after acquiring an additional 10,213 shares in the last quarter. Dark Forest Capital Management LP bought a new position in Best Buy in the third quarter worth approximately $113,000. Finally, Leuthold Group LLC boosted its holdings in Best Buy by 0.3% in the third quarter. Leuthold Group LLC now owns 26,301 shares of the technology retailer’s stock worth $2,780,000 after acquiring an additional 81 shares in the last quarter. 80.79% of the stock is owned by institutional investors and hedge funds.

About Best Buy (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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