Best Buy (BBY) PT Set at $80.00 by Loop Capital
A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Best Buy from a buy rating to a hold rating in a research note on Monday, October 30th. Moffett Nathanson initiated coverage on shares of Best Buy in a research note on Monday, December 4th. They set a sell rating on the stock. Wedbush set a $33.00 price target on shares of Best Buy and gave the stock a sell rating in a research note on Monday, November 13th. Jefferies Group reissued a hold rating and set a $60.00 price target on shares of Best Buy in a research note on Monday, November 13th. They noted that the move was a valuation call. Finally, Deutsche Bank reissued a buy rating on shares of Best Buy in a research note on Thursday, November 16th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Best Buy has an average rating of Hold and a consensus target price of $59.58.
Shares of Best Buy (BBY) traded up $0.43 on Tuesday, reaching $74.69. 2,737,500 shares of the company were exchanged, compared to its average volume of 3,502,767. The stock has a market capitalization of $22,430.00, a P/E ratio of 18.91, a P/E/G ratio of 1.39 and a beta of 1.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52. Best Buy has a 1-year low of $41.67 and a 1-year high of $74.75.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Investors of record on Thursday, December 7th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend was Wednesday, December 6th. Best Buy’s payout ratio is 34.43%.
In related news, General Counsel Keith J. Nelsen sold 44,235 shares of Best Buy stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total value of $2,511,663.30. Following the transaction, the general counsel now directly owns 107,503 shares of the company’s stock, valued at $6,104,020.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Shari L. Ballard sold 40,018 shares of Best Buy stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the completion of the transaction, the insider now directly owns 99,304 shares in the company, valued at $5,578,898.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,134,253 shares of company stock worth $191,063,125. 1.21% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB increased its stake in shares of Best Buy by 0.3% in the second quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock worth $860,000 after buying an additional 48 shares during the period. Advisor Group Inc. boosted its holdings in Best Buy by 1.2% in the second quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock valued at $265,000 after acquiring an additional 55 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Best Buy by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after acquiring an additional 163 shares in the last quarter. Thrivent Financial For Lutherans boosted its holdings in Best Buy by 1.7% in the second quarter. Thrivent Financial For Lutherans now owns 10,055 shares of the technology retailer’s stock valued at $576,000 after acquiring an additional 170 shares in the last quarter. Finally, Veritable L.P. boosted its holdings in Best Buy by 3.6% in the second quarter. Veritable L.P. now owns 5,021 shares of the technology retailer’s stock valued at $288,000 after acquiring an additional 174 shares in the last quarter. 88.52% of the stock is currently owned by institutional investors.
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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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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