Best Buy Co.’s (BBY) “Hold” Rating Reaffirmed at Jefferies Group LLC

Jefferies Group LLC reaffirmed their hold rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research note published on Monday. They currently have a $60.00 target price on the technology retailer’s stock. Jefferies Group also issued estimates for Best Buy Co.’s FY2018 earnings at $4.06 EPS, Q1 2019 earnings at $0.65 EPS, Q2 2019 earnings at $0.71 EPS, Q3 2019 earnings at $0.77 EPS, Q4 2019 earnings at $2.14 EPS, FY2019 earnings at $4.24 EPS, FY2021 earnings at $4.72 EPS and FY2022 earnings at $5.11 EPS. The analysts noted that the move was a valuation call.

Other research analysts have also issued research reports about the stock. UBS AG restated a buy rating and set a $57.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research note on Wednesday, September 20th. Piper Jaffray Companies restated a buy rating and set a $68.00 price target on shares of Best Buy Co. in a research note on Thursday, September 21st. Wedbush set a $33.00 price target on shares of Best Buy Co. and gave the company a sell rating in a research note on Monday. Loop Capital restated a buy rating and set a $72.00 price target on shares of Best Buy Co. in a research note on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Best Buy Co. in a research note on Wednesday, September 20th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $58.97.

Best Buy Co. (NYSE:BBY) traded up $0.29 during midday trading on Monday, hitting $56.97. 3,958,200 shares of the company traded hands, compared to its average volume of 4,421,985. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.69 and a current ratio of 1.42. The company has a market cap of $16,957.78, a price-to-earnings ratio of 14.68, a PEG ratio of 1.14 and a beta of 1.42. Best Buy Co. has a 1 year low of $38.56 and a 1 year high of $63.32.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS. analysts anticipate that Best Buy Co. will post 4.06 EPS for the current year.

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In other Best Buy Co. news, CFO Corie S. Barry sold 787 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $47,157.04. Following the transaction, the chief financial officer now directly owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of the stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total transaction of $179,452.84. The disclosure for this sale can be found here. Insiders have sold 166,259 shares of company stock worth $9,182,693 over the last three months. 0.84% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of BBY. Renaissance Technologies LLC lifted its holdings in Best Buy Co. by 762.4% during the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after purchasing an additional 3,119,700 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Best Buy Co. by 27.5% during the third quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock valued at $228,696,000 after purchasing an additional 866,787 shares in the last quarter. Parametric Portfolio Associates LLC lifted its holdings in Best Buy Co. by 125.4% during the second quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock valued at $79,563,000 after purchasing an additional 772,200 shares in the last quarter. APG Asset Management N.V. lifted its holdings in Best Buy Co. by 27.6% during the third quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after purchasing an additional 723,500 shares in the last quarter. Finally, 1060 Capital LLC purchased a new position in Best Buy Co. during the third quarter valued at $35,849,000. 87.52% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy Co.

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Analyst Recommendations for Best Buy Co. (NYSE:BBY)

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