UBS Group Upgrades Best Buy (NYSE:BBY) to “Buy”

UBS Group upgraded shares of Best Buy (NYSE:BBYFree Report) from a neutral rating to a buy rating in a report published on Monday morning, MarketBeat reports. UBS Group currently has $106.00 price objective on the technology retailer’s stock, up from their previous price objective of $85.00.

Other research analysts have also recently issued reports about the company. Morgan Stanley raised their price objective on Best Buy from $80.00 to $82.00 and gave the stock an equal weight rating in a research note on Friday, March 1st. The Goldman Sachs Group raised their price objective on Best Buy from $81.00 to $90.00 and gave the stock a buy rating in a research note on Friday, March 1st. Jefferies Financial Group reduced their price objective on Best Buy from $95.00 to $94.00 and set a buy rating for the company in a research note on Monday, April 8th. Barclays raised their price objective on Best Buy from $69.00 to $88.00 and gave the stock an equal weight rating in a research note on Friday, March 1st. Finally, Loop Capital raised their price objective on Best Buy from $93.00 to $100.00 and gave the stock a buy rating in a research note on Friday, June 7th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $90.87.

Read Our Latest Stock Report on Best Buy

Best Buy Price Performance

Shares of NYSE BBY opened at $93.63 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The company has a market cap of $20.20 billion, a PE ratio of 16.40, a P/E/G ratio of 2.95 and a beta of 1.49. The business has a 50-day simple moving average of $78.26 and a two-hundred day simple moving average of $77.08. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $93.72.

Best Buy (NYSE:BBYGet Free Report) last issued its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter last year, the company earned $1.15 earnings per share. As a group, equities analysts expect that Best Buy will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.02%. The ex-dividend date is Thursday, June 20th. Best Buy’s payout ratio is currently 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,052,023 shares of company stock valued at $170,313,900. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its stake in shares of Best Buy by 8.7% in the third quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock worth $239,735,000 after acquiring an additional 276,366 shares during the last quarter. Raymond James & Associates boosted its stake in Best Buy by 10.6% during the first quarter. Raymond James & Associates now owns 2,886,962 shares of the technology retailer’s stock worth $236,818,000 after buying an additional 277,158 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Best Buy by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock worth $218,527,000 after buying an additional 107,926 shares during the last quarter. Northern Trust Corp boosted its stake in Best Buy by 7.7% during the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after buying an additional 199,749 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in Best Buy by 6.4% during the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock worth $215,499,000 after buying an additional 166,478 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

(Get Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone 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 products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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