Deutsche Bank AG Lowers Best Buy Co., Inc. (BBY) Price Target to $56.00

Best Buy Co., Inc. (NYSE:BBY) had its target price dropped by investment analysts at Deutsche Bank AG from $58.00 to $56.00 in a report issued on Friday. The brokerage currently has a “hold” rating on the technology retailer’s stock. Deutsche Bank AG’s target price suggests a potential upside of 0.30% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. UBS AG reaffirmed a “buy” rating and issued a $57.00 target price (down from $60.00) on shares of Best Buy Co. in a report on Wednesday, September 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $68.00 target price on shares of Best Buy Co. in a report on Thursday, September 21st. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a report on Thursday. Loop Capital reaffirmed a “buy” rating and issued a $72.00 target price on shares of Best Buy Co. in a report on Saturday, July 22nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Best Buy Co. has an average rating of “Buy” and a consensus target price of $58.86.

Best Buy Co. (NYSE BBY) opened at $55.83 on Friday. The stock has a market cap of $16,703.50, a PE ratio of 13.89, a P/E/G ratio of 1.15 and a beta of 1.42. Best Buy Co. has a 1-year low of $41.67 and a 1-year high of $63.32. The company has a current ratio of 1.25, a quick ratio of 0.69 and a debt-to-equity ratio of 0.19.

Best Buy Co. (NYSE:BBY) last issued its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.78. Best Buy Co. had a net margin of 3.09% and a return on equity of 28.46%. The company had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.36 billion. During the same period last year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. analysts predict that Best Buy Co. will post 4.04 EPS for the current fiscal year.

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In related news, CEO Hubert Joly sold 106,942 shares of Best Buy Co. stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at approximately $35,280,738.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Corie S. Barry sold 787 shares of Best Buy Co. stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the sale, the chief financial officer now directly owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,259 shares of company stock worth $9,182,693. 1.21% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Thrivent Financial For Lutherans increased its position in shares of Best Buy Co. by 4.1% in the 1st quarter. Thrivent Financial For Lutherans now owns 9,885 shares of the technology retailer’s stock worth $486,000 after purchasing an additional 390 shares during the last quarter. Eqis Capital Management Inc. boosted its holdings in shares of Best Buy Co. by 23.6% in the 2nd quarter. Eqis Capital Management Inc. now owns 7,400 shares of the technology retailer’s stock valued at $424,000 after buying an additional 1,411 shares during the period. Aperio Group LLC boosted its holdings in shares of Best Buy Co. by 15.6% in the 2nd quarter. Aperio Group LLC now owns 165,483 shares of the technology retailer’s stock valued at $9,487,000 after buying an additional 22,375 shares during the period. Viking Fund Management LLC acquired a new position in shares of Best Buy Co. in the 2nd quarter valued at about $344,000. Finally, Manning & Napier Advisors LLC boosted its holdings in shares of Best Buy Co. by 46.6% in the 2nd quarter. Manning & Napier Advisors LLC now owns 68,303 shares of the technology retailer’s stock valued at $3,915,000 after buying an additional 21,721 shares during the period. 87.52% of the stock is owned by institutional investors.

Best Buy Co. Company Profile

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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