Best Buy's (BBY) "Neutral" Rating Reiterated at Piper Sandler

Best Buy (NYSE:BBY - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at Piper Sandler in a report issued on Monday, Marketbeat Ratings reports. They presently have a $75.00 price target on the technology retailer's stock, down from their previous price target of $82.00. Piper Sandler's price objective suggests a potential upside of 10.88% from the company's current price.

A number of other research firms have also recently issued reports on BBY. Wells Fargo & Company cut their target price on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. UBS Group cut their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Citigroup restated a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Finally, Barclays cut their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Stock Performance

BBY stock traded up $0.79 during mid-day trading on Monday, reaching $67.64. The company had a trading volume of 1,268,373 shares, compared to its average volume of 3,346,293. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $14.30 billion, a P/E ratio of 16.53, a P/E/G ratio of 1.82 and a beta of 1.24. Best Buy has a one year low of $54.99 and a one year high of $103.71. The stock's 50-day simple moving average is $70.47 and its two-hundred day simple moving average is $74.80.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. Research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the business. Mariner LLC boosted its holdings in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after acquiring an additional 129 shares during the last quarter. LRI Investments LLC boosted its holdings in Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after acquiring an additional 141 shares during the last quarter. Independent Advisor Alliance lifted its stake in Best Buy by 5.0% in the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after buying an additional 142 shares during the period. Prosperity Consulting Group LLC lifted its stake in Best Buy by 6.4% in the fourth quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after buying an additional 145 shares during the period. Finally, Community Bank & Trust Waco Texas lifted its stake in Best Buy by 0.5% in the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer's stock valued at $2,280,000 after buying an additional 145 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.