Deutsche Bank Analysts Give Best Buy (NYSE:BBY) a $56.00 Price Target

Best Buy (NYSE:BBY) has been given a $56.00 target price by stock analysts at Deutsche Bank in a research note issued to investors on Friday, November 17th. The brokerage presently has a “hold” rating on the technology retailer’s stock. Deutsche Bank’s target price points to a potential downside of 10.47% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Barclays restated a “buy” rating and issued a $65.00 price target on shares of Best Buy in a research report on Monday, August 28th. KeyCorp restated a “hold” rating on shares of Best Buy in a research report on Friday, November 10th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Tuesday, October 10th. BidaskClub upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, SunTrust Banks set a $70.00 price target on Best Buy and gave the company a “buy” rating in a research note on Saturday, July 22nd. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $58.81.

Best Buy (NYSE BBY) traded up $2.20 during trading on Friday, reaching $62.55. 6,917,723 shares of the company traded hands, compared to its average volume of 4,478,901. Best Buy has a one year low of $41.67 and a one year high of $63.32. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock has a market cap of $18,710.00, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.25 and a beta of 1.40.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. analysts predict that Best Buy will post 4.03 EPS for the current fiscal year.

In other news, CFO Corie S. Barry sold 3,426 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $187,333.68. Following the completion of the sale, the chief financial officer now directly owns 57,903 shares in the company, valued at $3,166,136.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hubert Joly sold 106,942 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $5,847,588.56. Following the completion of the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,230,052 shares of company stock valued at $71,516,604. 0.84% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Managed Accounts LLC lifted its stake in shares of Best Buy by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after purchasing an additional 2,011 shares during the last quarter. Huntington National Bank lifted its stake in shares of Best Buy by 18.4% in the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after purchasing an additional 318 shares during the last quarter. Fieldpoint Private Securities LLC acquired a new position in Best Buy during the 3rd quarter worth about $139,000. Northwestern Mutual Wealth Management Co. lifted its stake in Best Buy by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after acquiring an additional 163 shares in the last quarter. Finally, Smithfield Trust Co. acquired a new position in Best Buy during the 3rd quarter worth about $178,000. 86.50% of the stock is currently owned by institutional investors.

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Best Buy 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 (NYSE:BBY)

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