Best Buy (NYSE:BBY) Earns "Neutral" Rating from Wedbush

Wedbush reaffirmed their neutral rating on shares of Best Buy (NYSE:BBY - Free Report) in a research report sent to investors on Monday,Benzinga reports. They currently have a $90.00 price target on the technology retailer's stock.

A number of other equities research analysts have also issued reports on the stock. Loop Capital restated a "buy" rating and set a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Telsey Advisory Group reissued an "outperform" rating and set a $110.00 target price on shares of Best Buy in a research note on Thursday. Truist Financial decreased their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research report on Wednesday, November 27th. Barclays dropped their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 9th. Finally, Morgan Stanley restated an "equal weight" rating on shares of Best Buy in a research report on Friday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $101.44.

Best Buy Trading Down 3.5 %

BBY traded down $3.18 during trading on Monday, reaching $86.73. The company had a trading volume of 4,055,252 shares, compared to its average volume of 2,550,721. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market cap of $18.54 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 2.10 and a beta of 1.43. The firm's 50-day simple moving average is $86.40 and its 200 day simple moving average is $90.67.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company's stock.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after buying an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter valued at about $514,483,000. Geode Capital Management LLC grew its position in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares during the period. Institutional investors own 80.96% of the company's stock.

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.