Citigroup Reaffirms “Neutral” Rating for Best Buy (BBY)

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating reiterated by equities research analysts at Citigroup in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $74.00 target price on the technology retailer’s stock, up from their prior target price of $69.00. Citigroup’s price target suggests a potential upside of 1.12% from the stock’s previous close.

A number of other equities analysts have also commented on BBY. Loop Capital set a $72.00 price objective on Best Buy and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. KeyCorp reissued a “hold” rating on shares of Best Buy in a research report on Friday, November 10th. Wedbush set a $33.00 target price on Best Buy and gave the stock a “sell” rating in a research report on Monday, November 13th. Finally, Jefferies Group reissued a “hold” rating and set a $60.00 target price on shares of Best Buy in a research report on Monday, November 13th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $63.64.

Best Buy (BBY) opened at $73.18 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52. The company has a market capitalization of $21,392.49, a PE ratio of 18.20, a PEG ratio of 1.18 and a beta of 1.11. Best Buy has a 12 month low of $41.67 and a 12 month high of $78.59.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $9.32 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. research analysts predict that Best Buy will post 4.04 EPS for the current fiscal year.

In other Best Buy news, major shareholder Richard M. Schulze sold 935,000 shares of Best Buy stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $60.18, for a total transaction of $56,268,300.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $104,261,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total value of $58,800,000.00. The disclosure for this sale can be found here. Insiders have sold 3,134,253 shares of company stock worth $191,063,125 over the last ninety days. Company insiders own 1.21% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Renaissance Technologies LLC boosted its holdings in shares of Best Buy by 61.0% in the 4th quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock worth $231,374,000 after acquiring an additional 1,280,600 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Best Buy in the 4th quarter worth approximately $86,840,000. Bank of New York Mellon Corp boosted its holdings in shares of Best Buy by 31.5% in the 4th quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock worth $361,491,000 after acquiring an additional 1,264,528 shares in the last quarter. Capital Growth Management LP acquired a new position in shares of Best Buy in the 4th quarter worth approximately $50,668,000. Finally, APG Asset Management N.V. boosted its holdings in shares of Best Buy by 27.6% in the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after acquiring an additional 723,500 shares in the last quarter. 88.49% of the stock is currently owned by institutional investors.

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About Best Buy

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.

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