Best Buy Co. (NYSE:BBY) was upgraded by stock analysts at Vetr from a "sell" rating to a "hold" rating in a note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has a $34.32 target price on the technology retailer's stock. Vetr's price target would suggest a potential downside of 0.55% from the company's current price.
Several institutional investors have bought and sold shares of the company. Quantitative Systematic Strategies LLC acquired a new position in Best Buy during the second quarter valued at approximately $1,403,000. Community Bank & Trust Waco Texas acquired a new position in Best Buy during the second quarter valued at approximately $402,000. Tokio Marine Asset Management Co. Ltd. increased its position in Best Buy by 455.4% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 57,820 shares of the technology retailer's stock valued at $1,769,000 after buying an additional 47,410 shares during the period. Lucus Advisors LLC acquired a new position in Best Buy during the second quarter valued at approximately $344,000. Finally, American Century Companies Inc. increased its position in Best Buy by 3,138.8% in the second quarter. American Century Companies Inc. now owns 552,154 shares of the technology retailer's stock valued at $16,896,000 after buying an additional 535,106 shares during the period.
Shares of Best Buy (NYSE:BBY) opened at 34.51 on Tuesday, MarketBeat.com reports. Best Buy has a 12 month low of $25.31 and a 12 month high of $39.10. The stock has a market capitalization of $11.14 billion and a P/E ratio of 11.87. The firm's 50-day moving average price is $32.29 and its 200-day moving average price is $31.60.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.29 billion. Best Buy's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share. On average, equities research analysts forecast that Best Buy will post $2.89 EPS for the current year.
In other Best Buy news, CAO Mathew Watson sold 1,363 shares of the business's stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $32.10, for a total value of $43,752.30. Following the completion of the transaction, the chief accounting officer now owns 20,668 shares in the company, valued at $663,442.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hubert Joly sold 398,000 shares of the business's stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $32.24, for a total transaction of $12,831,520.00. Following the completion of the transaction, the chief executive officer now owns 511,139 shares of the company's stock, valued at approximately $16,479,121.36. The disclosure for this sale can be found here.
Several other equities research analysts also recently weighed in on the company. Jefferies Group downgraded Best Buy from a "buy" rating to a "hold" rating and cut their price target for the stock from $39.00 to $36.00 in a research report on Monday, MarketBeat.com reports. BTIG Research reaffirmed a "buy" rating on shares of Best Buy in a research report on Tuesday, August 2nd. Zacks Investment Research cut Best Buy from a "buy" rating to a "sell" rating in a research report on Tuesday, July 26th. Morgan Stanley restated a "buy" rating and set a $28.00 target price on shares of Best Buy in a research report on Wednesday, July 6th. Finally, Deutsche Bank AG restated a "buy" rating and set a $32.00 target price on shares of Best Buy in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of "Hold" and an average target price of $34.11.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers service to the consumers, small business owners and educators, who visit its stores, engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States, Canada and Mexico.