Stock of the Day: Time to Reconsider Best Buy Co Inc After Achieving 52-Week High?

Stock of the Day: Time to Reconsider Best Buy Co Inc After Achieving 52 Week High?

The stock of Best Buy Co Inc (NYSE:BBY) hit a new 52-week high and has $48.93 target or 4.00% above today’s $47.05 share price. The 9 months bullish chart indicates low risk for the $15.24 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $48.93 price target is reached, the company will be worth $609.60 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.29M shares traded hands. Best Buy Co Inc (NYSE:BBY) has risen 41.81% since April 21, 2016 and is uptrending. It has outperformed by 36.48% the S&P500.

Analysts await Best Buy Co Inc (NYSE:BBY) to report earnings on February, 23. They expect $1.65 EPS, up 7.84% or $0.12 from last year’s $1.53 per share. BBY’s profit will be $534.45 million for 7.13 P/E if the $1.65 EPS becomes a reality. After $0.62 actual EPS reported by Best Buy Co Inc for the previous quarter, Wall Street now forecasts 166.13% EPS growth.

Best Buy Co Inc (NYSE:BBY) Ratings Coverage

Out of 20 analysts covering Best Buy Co (NYSE:BBY), 6 rate it a “Buy”, 2 “Sell”, while 12 “Hold”. This means 30% are positive. Best Buy Co has been the topic of 52 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Telsey maintained it with “Outperform” rating and $45 target price in Wednesday, August 26 report. The firm earned “Sector Perform” rating on Friday, November 18 by RBC Capital Markets. The stock of Best Buy Co Inc (NYSE:BBY) has “Neutral” rating given on Thursday, June 16 by Longbow. Credit Suisse maintained the shares of BBY in a report on Monday, August 17 with “Buy” rating. The company was maintained on Friday, February 26 by RBC Capital Markets. As per Wednesday, August 26, the company rating was maintained by RBC Capital Markets. The firm has “Outperform” rating given on Friday, November 18 by Telsey Advisory Group. Jefferies maintained it with “Buy” rating and $50 target price in Wednesday, August 26 report. The firm earned “Neutral” rating on Wednesday, August 26 by UBS. Raymond James upgraded Best Buy Co Inc (NYSE:BBY) rating on Wednesday, August 26. Raymond James has “Strong Buy” rating and $40 price target.

According to Zacks Investment Research, “Best Buy operates in a single business segment, selling personal computers and other home office products, consumer electronics, entertainment software, major appliances and related accessories principally through its retail stores. They operate retail stores and commercial Websites under the brand names Best Buy, Media Play, On Cue, Sam Goody, Suncoast, Magnolia Hi-Fi and Future Shop. They also operate in three segments: Best Buy, Musicland and International.”

Insitutional Activity: The institutional sentiment decreased to 1 in 2016 Q2. Its down 0.07, from 1.07 in 2016Q1. The ratio fall, as 44 funds sold all Best Buy Co Inc shares owned while 139 reduced positions. 42 funds bought stakes while 153 increased positions. They now own 263.98 million shares or 4.84% less from 277.42 million shares in 2016Q1.
Creative Planning, a Kansas-based fund reported 66,258 shares. Commerzbank Aktiengesellschaft Fi accumulated 0.05% or 244,430 shares. Advantus Mngmt last reported 27,269 shares in the company. Van Eck Associates Corp, a New York-based fund reported 39,330 shares. Numeric Invsts Ltd Liability has invested 0% of its portfolio in Best Buy Co Inc (NYSE:BBY). Nuveen Asset Limited Com has invested 0.18% of its portfolio in Best Buy Co Inc (NYSE:BBY). Blackrock Advisors Ltd Liability Corporation has 671,775 shares for 0.02% of their US portfolio. Brandywine Investment Mgmt Limited Liability Com holds 353,871 shares or 0.07% of its portfolio. Euclidean Technologies Mgmt Ltd Llc accumulated 63,008 shares or 2.06% of the stock. Aperio Grp Ltd Co has invested 0.02% of its portfolio in Best Buy Co Inc (NYSE:BBY). The California-based Gemmer Asset Mngmt has invested 0% in Best Buy Co Inc (NYSE:BBY). First Quadrant Lp Ca accumulated 0% or 345 shares. Parametric Port Ltd Liability Corp, a Washington-based fund reported 1.13 million shares. Fdx Advsr holds 8,755 shares or 0.01% of its portfolio. Blackrock Fund Advsr, a California-based fund reported 4.54M shares.

Insider Transactions: Since May 31, 2016, the stock had 0 buys, and 5 sales for $17.92 million net activity. The insider Watson Mathew sold $43,751. Nelsen Keith J also sold $2.31 million worth of Best Buy Co Inc (NYSE:BBY) shares. 181,362 shares with value of $7.00M were sold by Ballard Shari L on Wednesday, August 31. $8.53M worth of Best Buy Co Inc (NYSE:BBY) was sold by MOHAN RAJENDRA M.

More notable recent Best Buy Co Inc (NYSE:BBY) news were published by: Investorplace.com which released: “Why Best Buy Co Inc Could Be a Top Value Stock Pick (BBY)” on November 23, 2016, also Fool.com with their article: “Why Best Buy Co., Inc. Stock Soared Today” published on November 17, 2016, Investorplace.com published: “Google Shop Launches: Alphabet Inc (GOOGL) Partners With Best Buy Co Inc (BBY)” on November 21, 2016. More interesting news about Best Buy Co Inc (NYSE:BBY) were released by: Investorplace.com and their article: “Best Buy Co Inc (BBY) Stock Is No Holiday Bargain” published on November 14, 2016 as well as Businesswire.com‘s news article titled: “Best Buy Reports Better-Than-Expected Third Quarter Results” with publication date: November 17, 2016.

BBY Company Profile

Best Buy Co., Inc., incorporated on October 20, 1966, is a well-known provider of technology products, services and solutions. The Firm offers services and products to the clients visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has activities in the United States, Canada and Mexico. The Firm operates through two divisions: Domestic and International. The Domestic segment consists of the activities in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home. The International segment consists of all activities in Canada and Mexico under the brand names, Best Buy, bestbuy.com.ca, bestbuy.com.mx, Best Buy Express, Best Buy Mobile and Geek Squad. The Firm operates approximately 1,200 large-format and over 400 small-format stores throughout its Domestic and International divisions. It has a global sourcing operation to design, develop, test and contract-manufacture its brand products.

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