Best Buy (NYSE:BBY) Coverage Initiated by Analysts at Truist Financial

Analysts at Truist Financial assumed coverage on shares of Best Buy (NYSE:BBY) in a note issued to investors on Thursday, Briefing.com reports. The brokerage set a “hold” rating and a $108.00 price target on the technology retailer’s stock. Truist Financial’s price objective would indicate a potential upside of 7.96% from the stock’s current price.

Several other research firms also recently weighed in on BBY. Jefferies Financial Group decreased their price target on shares of Best Buy from $145.00 to $137.00 and set a “buy” rating on the stock in a research note on Wednesday, November 24th. Citigroup reduced their target price on shares of Best Buy from $118.00 to $106.00 and set a “sell” rating on the stock in a research note on Wednesday, November 24th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, January 5th. Piper Sandler raised shares of Best Buy to a “buy” rating and lifted their target price for the stock from $150.00 to $155.00 in a research note on Tuesday, October 26th. Finally, Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $122.00 target price on the stock. in a research note on Monday, November 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $127.18.

BBY opened at $100.04 on Thursday. The company has a quick ratio of 0.42, a current ratio of 1.13 and a debt-to-equity ratio of 0.29. The company has a market cap of $24.07 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 1.12 and a beta of 1.54. Best Buy has a 52-week low of $94.54 and a 52-week high of $141.97. The firm’s fifty day simple moving average is $110.39 and its two-hundred day simple moving average is $112.34.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.13. The business had revenue of $11.91 billion for the quarter, compared to the consensus estimate of $11.62 billion. Best Buy had a net margin of 5.05% and a return on equity of 63.58%. The company’s revenue was up .5% compared to the same quarter last year. During the same period last year, the firm posted $2.06 earnings per share. On average, research analysts forecast that Best Buy will post 10.1 EPS for the current year.

In related news, insider Damien Harmon sold 365 shares of Best Buy stock in a transaction that occurred on Monday, January 10th. The shares were sold at an average price of $101.72, for a total value of $37,127.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Leuthold Group LLC grew its holdings in Best Buy by 0.3% during the 3rd 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. Cetera Investment Advisers grew its holdings in Best Buy by 2.0% during the 3rd quarter. Cetera Investment Advisers now owns 4,332 shares of the technology retailer’s stock worth $458,000 after acquiring an additional 83 shares in the last quarter. MML Investors Services LLC grew its holdings in Best Buy by 1.3% during the 3rd quarter. MML Investors Services LLC now owns 6,620 shares of the technology retailer’s stock worth $700,000 after acquiring an additional 84 shares in the last quarter. Vantage Consulting Group Inc lifted its position in shares of Best Buy by 4.0% during the 3rd quarter. Vantage Consulting Group Inc now owns 2,324 shares of the technology retailer’s stock worth $246,000 after buying an additional 89 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its position in shares of Best Buy by 34.6% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 362 shares of the technology retailer’s stock worth $38,000 after buying an additional 93 shares during the last quarter. Institutional investors own 78.82% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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