Best Buy Co. (NYSE:BBY) Receives $37.13 Average PT from Brokerages
Shares of Best Buy Co. (NYSE:BBY) have been assigned a consensus rating of “Hold” from the twenty-six brokerages that are presently covering the company. Three research analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $37.13.
A number of equities analysts have recently commented on BBY shares. Vetr raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $39.59 price target on the stock in a report on Thursday, September 8th. Barclays PLC reissued a “buy” rating and issued a $45.00 price target on shares of Best Buy in a report on Tuesday, August 23rd. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “sell” rating in a report on Tuesday, July 26th. Bank of America Corp. reissued a “sell” rating and issued a $29.00 price target on shares of Best Buy in a report on Wednesday, August 24th. Finally, Wedbush reissued a “buy” rating and issued a $20.50 price target on shares of Best Buy in a report on Wednesday, August 17th.
Best Buy (NYSE:BBY) opened at 38.14 on Thursday. The company’s 50-day moving average is $36.24 and its 200-day moving average is $32.88. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58. The company has a market cap of $12.10 billion, a P/E ratio of 12.41 and a beta of 1.44.
Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.14. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.40 billion. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. Best Buy’s revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 EPS. On average, analysts anticipate that Best Buy will post $3.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.94%. Best Buy’s payout ratio is 36.48%.
In related news, VP Mathew Watson sold 1,030 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the transaction, the vice president now directly owns 18,876 shares in the company, valued at approximately $744,658.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.21% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of BBY. Royal London Asset Management Ltd. raised its position in shares of Best Buy by 3.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 176,556 shares of the technology retailer’s stock valued at $5,379,000 after buying an additional 5,636 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Best Buy by 2.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 46,330 shares of the technology retailer’s stock valued at $1,411,000 after buying an additional 900 shares during the last quarter. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter valued at about $102,204,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Best Buy by 12.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 72,747 shares of the technology retailer’s stock valued at $2,360,000 after buying an additional 7,979 shares during the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in shares of Best Buy by 2.6% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 68,594 shares of the technology retailer’s stock valued at $2,225,000 after buying an additional 1,762 shares during the last quarter. Institutional investors own 86.28% of the company’s stock.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations 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.
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