Wedbush Affirms ‘Neutral’ Best Buy Rating on (NYSE:BBY)

Best Buy (NYSE:BBY – Get Free Report)In a report published Tuesday, Wedbush analysts again issued a “neutral” rating, Benzinga reports. They currently have a $85.00 price target on shares of this tech retailer. Wedbush’s price target would indicate a potential upside of 18.88% from the company’s previous close.

A number of other brokerages have also recently commented on BBY. Morgan Stanley raised their price target on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. TheStreet upgraded Best Buy from a “c” to a “b-” in a research note on Thursday, February 29th. Citigroup lowered their target price on Best Buy from $76.00 to $67.00 and gave the stock a “sell” rating in a research note on Tuesday, May 7th. Truist Financial increased their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Finally, Barclays increased their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. One equity market research analyst rated the company’s shares with a sell recommendation, nine issued a hold recommendation, and five gave a buy recommendation. The stock currently has a consensus rating of “Hold” and a consensus price target of $84.64, according to MarketBeat.com.

See our latest report on Best Buy

Best purchase price. Efficiency

BBY shares closed at $71.50 on Tuesday. The stock has a 50-day moving average price of $76.32 and a two-hundred-day moving average price of $75.02. Best Buy has a 12 month low of $62.30 and a 12 month high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt to equity ratio of 0.38. The company has a market capitalization of $15.47 billion, a PE ratio of 12.57, a price-to-earnings growth ratio of 2.14 and a beta of 1.50.

Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, which topped the consensus estimate of $2.51 by $0.21. The company had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company’s revenues decreased by 0.6% compared to the same quarter last year. In the same quarter last year, the company earned $2.61 per share. As a group, analysts predict that Best Buy will post 6.03 EPS this year.

Confidential activity

In other news, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a legal filing filed with the SEC, which can be accessed through the SEC’s website. As a result, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the SEC, which can be accessed at this link. Additionally, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction amount of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The announcement of this sale can be found here. Over the last ninety days, insiders have sold 52,023 shares of company stock worth $4,253,900. 0.59% of the shares are owned by company insiders.

Best Buy Institutional Trading

Several large investors have recently made changes to their positions at the company. Cerity Partners LLC boosted its position in Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock valued at $8,100,000 after purchasing an additional 8,042 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new position in Best Buy during the fourth quarter valued at $317,000. Mirabella Financial Services LLP purchased a new stake in shares of Best Buy during the third quarter worth $831,000. During the fourth quarter, Associate Securities Inc. purchased $341,000 worth of new shares of Best Buy. Finally, Private Advisor Group LLC purchased a new stake in shares of Best Buy during the 4th quarter valued at $328,000. Institutional investors and hedge funds hold 80.96% of the company’s shares.

Best Buy company profile

(Get the free report)

Best Buy Co, Inc. retails technology products in the United States, Canada and internationally. Its stores offer computer and mobile products such as desktop computers, notebooks and peripherals; mobile phones including associated mobile operator commissions; network products; tablets covering e-book readers; smart watches; and consumer electronics, which includes digital images, health and fitness products, portable audio equipment, which includes headphones and portable speakers, and smart home products, and home theaters, which include home theater accessories, soundbars, and televisions.

Best purchase price. Efficiency

Confidential activity

Best Buy Institutional Trading

Best Buy company profile

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