Best Buy Co., Inc. (NYSE:BBY) has been given a $47.00 target price by investment analysts at Sanford C. Bernstein in a research report issued on Tuesday, July 11th. The brokerage currently has a “sell” rating on the technology retailer’s stock. Sanford C. Bernstein’s target price indicates a potential downside of 23.55% from the stock’s previous close.

Several other brokerages also recently weighed in on BBY. Loop Capital restated a “buy” rating and set a $58.00 target price on shares of Best Buy Co. in a research note on Tuesday, April 4th. Bank of America Corporation restated a “buy” rating and set a $68.00 target price (up from $58.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Telsey Advisory Group increased their price target on shares of Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, May 26th. Piper Jaffray Companies set a $70.00 price target on shares of Best Buy Co. and gave the stock a “buy” rating in a research report on Monday, June 26th. Finally, Jefferies Group LLC raised shares of Best Buy Co. from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Tuesday, May 30th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-one have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $56.76.

Shares of Best Buy Co. (NYSE:BBY) traded down 0.45% during midday trading on Tuesday, hitting $61.48. The company had a trading volume of 2,467,784 shares. The company has a 50-day moving average of $56.38 and a 200 day moving average of $50.73. The firm has a market capitalization of $18.75 billion, a PE ratio of 16.54 and a beta of 1.45. Best Buy Co. has a 12 month low of $32.20 and a 12 month high of $62.36. Best Buy Co. also was the recipient of some unusual options trading on Monday. Investors purchased 993 call options on the stock. This represents an increase of 163% compared to the typical volume of 378 call options.

Best Buy Co. (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The firm had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. During the same period in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts expect that Best Buy Co. will post $3.89 EPS for the current fiscal year.

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In related news, insider Asheesh Saksena sold 18,706 shares of Best Buy Co. stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $57.08, for a total value of $1,067,738.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Keith J. Nelsen sold 55,153 shares of Best Buy Co. stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the completion of the sale, the general counsel now directly owns 89,306 shares of the company’s stock, valued at approximately $5,269,947.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,917 shares of company stock valued at $7,107,375. 0.84% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vident Investment Advisory LLC increased its position in shares of Best Buy Co. by 5.2% in the fourth quarter. Vident Investment Advisory LLC now owns 77,250 shares of the technology retailer’s stock valued at $3,296,000 after buying an additional 3,825 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Best Buy Co. during the fourth quarter valued at approximately $11,948,000. USA Financial Portformulas Corp purchased a new position in shares of Best Buy Co. during the fourth quarter valued at approximately $565,000. Teachers Advisors LLC increased its position in shares of Best Buy Co. by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 568,769 shares of the technology retailer’s stock valued at $24,269,000 after buying an additional 10,469 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in shares of Best Buy Co. during the fourth quarter valued at approximately $845,000. Hedge funds and other institutional investors own 94.06% of the company’s stock.

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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