What Next for Best Buy Co Inc (BBY) After Forming Multiple Top?

September 17, 2017 - By Hazel Jackson

Investors sentiment increased to 1.1 in Q4 2016. Its up 0.10, from 1 in 2016Q3. It is positive, as 42 investors sold Best Buy Co Inc shares while 168 reduced holdings. 76 funds opened positions while 154 raised stakes. 269.66 million shares or 2.03% more from 264.31 million shares in 2016Q3 were reported.
Mutual Of America Capital Mngmt Ltd Liability Co reported 0.03% of its portfolio in Best Buy Co Inc (NYSE:BBY). Next Financial Grp Inc invested in 200 shares or 0% of the stock. First Midwest National Bank Division reported 0.1% of its portfolio in Best Buy Co Inc (NYSE:BBY). Tobam holds 340,295 shares or 0.59% of its portfolio. British Columbia Invest Management Corp holds 243,447 shares. State Board Of Administration Of Florida Retirement Sys holds 0.06% or 441,862 shares in its portfolio. Prudential Plc, Illinois-based fund reported 2.32M shares. Quantbot Tech Limited Partnership holds 244,624 shares. Gam Ag has 0.01% invested in Best Buy Co Inc (NYSE:BBY) for 11,095 shares. Moreover, D E Shaw & Inc has 0% invested in Best Buy Co Inc (NYSE:BBY). Nationwide Fund Advisors owns 0.05% invested in Best Buy Co Inc (NYSE:BBY) for 262,472 shares. The Virginia-based Quantitative Investment Mgmt Lc has invested 0.08% in Best Buy Co Inc (NYSE:BBY). Gotham Asset Management Lc invested in 0.28% or 501,089 shares. State Of New Jersey Common Pension Fund D holds 42,700 shares. 13.83 million were accumulated by Jpmorgan Chase And Communications.

Since March 29, 2017, it had 0 insider buys, and 12 insider sales for $27.19 million activity. The insider Watson Mathew sold 14,568 shares worth $880,344. MOHAN RAJENDRA M also sold $3.82 million worth of Best Buy Co Inc (NYSE:BBY) shares. Ballard Shari L sold $892,262 worth of stock or 15,000 shares. On Friday, June 16 Saksena Asheesh sold $1.24M worth of Best Buy Co Inc (NYSE:BBY) or 22,255 shares. The insider Walker Patricia H sold 9,974 shares worth $597,091. $357,983 worth of Best Buy Co Inc (NYSE:BBY) was sold by HIGGINS VICTOR KATHY J.

The stock of Best Buy Co Inc (BBY) shows a multiple tops pattern with $60.37 target or 3.00 % above today’s $58.61 share price. The 6 months chart pattern indicates low risk for the $17.54B company. It was reported on Sep, 17 by Finviz.com. If the $60.37 price target is reached, the company will be worth $526.20M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.39% or $0.23 on September 15, reaching $58.61. About 3.92 million shares traded. Best Buy Co Inc (NYSE:BBY) has risen 62.80% since September 17, 2016 and is uptrending. It has outperformed by 46.10% the S&P500.

Wall Street await Best Buy Co Inc (NYSE:BBY) to release earnings on November, 16. Analysts forecast EPS of $0.79, up exactly $0.17 or 27.42 % from 2014’s $0.62 EPS. The expected BBY’s profit could reach $236.42 million giving the stock 18.55 P/E in the case that $0.79 earnings per share is reported. After posting $0.69 EPS for the previous quarter, Best Buy Co Inc’s analysts now forecast 14.49 % EPS growth.

Best Buy Co Inc (NYSE:BBY) Ratings Coverage

Among 25 analysts covering Best Buy Co (NYSE:BBY), 11 have Buy rating, 3 Sell and 11 Hold. Therefore 44% are positive. Best Buy Co had 78 analyst reports since August 10, 2015 according to SRatingsIntel. The firm has “Buy” rating by Jefferies given on Wednesday, August 26. Loop Capital maintained the shares of BBY in report on Wednesday, April 5 with “Buy” rating. Vetr upgraded the stock to “Buy” rating in Monday, August 10 report. The stock of Best Buy Co Inc (NYSE:BBY) has “Neutral” rating given on Wednesday, June 15 by Credit Suisse. Raymond James maintained the stock with “Buy” rating in Wednesday, August 24 report. Jefferies downgraded it to “Hold” rating and $36 target in Monday, August 15 report. The firm earned “Outperform” rating on Wednesday, August 26 by Telsey. Telsey Advisory Group maintained Best Buy Co Inc (NYSE:BBY) on Friday, February 26 with “Outperform” rating. Wedbush downgraded Best Buy Co Inc (NYSE:BBY) on Friday, January 15 to “Underperform” rating. The rating was upgraded by Raymond James on Wednesday, August 26 to “Strong Buy”.

More notable recent Best Buy Co Inc (NYSE:BBY) news were published by: Businessinsider.com which released: “Best Buy tumbles after CEO says strong sales are not a ‘new normal'” on August 29, 2017, also Bizjournals.com with their article: “Best Buy closing two Twin Cities stores” published on September 11, 2017, Marketwatch.com published: “Best Buy withstands Amazon Prime Day pressure with better-than-expected results” on August 29, 2017. More interesting news about Best Buy Co Inc (NYSE:BBY) were released by: Bloomberg.com and their article: “Whoops, Best Buy Forgot to Get Itself Killed by Amazon” published on August 29, 2017 as well as Benzinga.com‘s news article titled: “Cramer: Best Buy Is Still A Good Buy” with publication date: September 15, 2017.

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