Best Buy’s (BBY) “Sector Weight” Rating Reiterated at KeyCorp

Best Buy (NYSE:BBY)‘s stock had its “sector weight” rating reaffirmed by investment analysts at KeyCorp in a note issued to investors on Wednesday,Benzinga reports.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Morgan Stanley cut their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Truist Financial dropped their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, UBS Group reiterated a “buy” rating on shares of Best Buy in a research report on Friday. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $97.67.

Best Buy Stock Performance

BBY traded up $0.61 during trading hours on Wednesday, hitting $75.81. 830,470 shares of the stock were exchanged, compared to its average volume of 2,795,976. The stock has a market cap of $16.21 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock has a 50-day simple moving average of $86.20 and a 200-day simple moving average of $90.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the firm earned $2.72 EPS. Analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy during the third quarter worth $40,000. National Pension Service increased its stake in Best Buy by 18.1% in the 3rd quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after purchasing an additional 60,880 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the period. QRG Capital Management Inc. lifted its stake in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Best Buy in the third quarter worth about $817,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.