Stock Mover of The Day: Could Best Buy Co Inc Go Down After Touching 52-Week High?

Stock Mover of The Day: Could Best Buy Co Inc Go Down After Touching 52 Week High?

The stock of Best Buy Co Inc (NYSE:BBY) hit a new 52-week high and has $68.22 target or 58.00% above today’s $43.18 share price. The 6 months bullish chart indicates low risk for the $13.87 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $68.22 price target is reached, the company will be worth $8.04 billion 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 3.68 million shares traded hands. Best Buy Co Inc (NYSE:BBY) has risen 24.85% since April 15, 2016 and is uptrending. It has outperformed by 20.22% the S&P500.

Best Buy Co Inc (NYSE:BBY) Ratings Coverage

Out of 19 analysts covering Best Buy Co (NYSE:BBY), 6 rate it a “Buy”, 2 “Sell”, while 11 “Hold”. This means 32% are positive. $50 is the highest target while $20.50 is the lowest. The $38.51 average target is -10.82% below today’s ($43.18) stock price. Best Buy Co has been the topic of 48 analyst reports since August 10, 2015 according to StockzIntelligence Inc. As per Friday, January 15, the company rating was maintained by RBC Capital Markets. The firm has “Sector Perform” rating given on Monday, November 16 by RBC Capital Markets. The rating was maintained by Telsey Advisory Group on Monday, January 18 with “Outperform”. Telsey Advisory Group maintained the stock with “Outperform” rating in Wednesday, August 24 report. The rating was upgraded by Zacks to “Hold” on Thursday, August 27. The stock of Best Buy Co Inc (NYSE:BBY) has “Outperform” rating given on Wednesday, August 17 by Ladenburg Thalmann. The rating was maintained by Jefferies with “Buy” on Wednesday, August 26. Wedbush maintained Best Buy Co Inc (NYSE:BBY) on Monday, August 17 with “Neutral” rating. RBC Capital Markets maintained it with “Sector Perform” rating and $32 target price in Friday, February 26 report. The rating was maintained by Deutsche Bank on Wednesday, August 24 with “Hold”.

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 increased to 1.07 in Q2 2016. Its up 0.38, from 0.69 in 2016Q1. The ratio increased, 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.
The Tennessee-based Ftb Advsr Incorporated has invested 0.52% in Best Buy Co Inc (NYSE:BBY). Biltmore Wealth Mngmt has 0.22% invested in the company for 8,563 shares. Investec Asset Mngmt last reported 0.42% of its portfolio in the stock. Moreover, Canada Pension Plan Investment Board has 0.03% invested in Best Buy Co Inc (NYSE:BBY) for 251,900 shares. Morgan Stanley accumulated 676,970 shares or 0.01% of the stock. Guardian Trust holds 0% or 208 shares in its portfolio. Calvert Invest Mngmt Inc accumulated 19,176 shares or 0.03% of the stock. British Columbia last reported 202,864 shares in the company. Alyeska Gru Lp reported 231,000 shares or 0.07% of all its holdings. Hexavest has invested 0% of its portfolio in Best Buy Co Inc (NYSE:BBY). Royal London Asset Ltd last reported 154,978 shares in the company. Nelson Van Denburg Campbell Wealth Mgmt Grp Ltd Llc reported 121 shares or 0% of all its holdings. Quantitative Systematic Strategies Ltd Liability Corporation last reported 0.66% of its portfolio in the stock. Louisiana State Employees Retirement Systems accumulated 18,500 shares or 0.03% of the stock. Commonwealth Bancshares Of Aus holds 0.04% or 104,853 shares in its portfolio.

Insider Transactions: Since May 31, 2016, the stock had 0 buys, and 5 sales for $17.92 million net activity. $2.31M worth of Best Buy Co Inc (NYSE:BBY) was sold by Nelsen Keith J. 181,362 shares were sold by Ballard Shari L, worth $7.00M. 1,030 Best Buy Co Inc (NYSE:BBY) shares with value of $40,630 were sold by Watson Mathew. On Wednesday, August 31 MOHAN RAJENDRA M sold $8.53 million worth of the stock or 221,335 shares.

More notable recent Best Buy Co Inc (NYSE:BBY) news were published by: Etfdailynews.com which released: “Best Buy Shares Surge 8% Despite Mixed Outlook” on November 17, 2016, also Nasdaq.com with their article: “Earnings Reaction History: Best Buy Co. Inc., 57.1% Follow-Through Indicator …” published on November 17, 2016, Investorplace.com published: “Best Buy Co Inc (BBY) Stock Is No Holiday Bargain” on November 14, 2016. More interesting news about Best Buy Co Inc (NYSE:BBY) were released by: Nasdaq.com and their article: “Best Buy Co Inc. Bottom Line Climbs 38% In Q3” published on November 17, 2016 as well as Etfdailynews.com‘s news article titled: “Best Buy Looks Poised To Beat Earnings Expectations This Week” with publication date: November 15, 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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