Best Buy (BBY) Sets New 52-Week High at $67.93
Best Buy Co Inc (NYSE:BBY) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $67.93 and last traded at $67.11, with a volume of 1655000 shares trading hands. The stock had previously closed at $67.08.
A number of research firms recently issued reports on BBY. Royal Bank of Canada increased their target price on shares of Best Buy from $60.00 to $61.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 30th. Oppenheimer reissued a “hold” rating on shares of Best Buy in a research report on Tuesday, August 29th. Deutsche Bank reissued a “buy” rating and set a $58.00 target price (down previously from $60.00) on shares of Best Buy in a research report on Thursday, August 31st. Loop Capital reissued a “buy” rating and set a $72.00 target price on shares of Best Buy in a research report on Wednesday, September 20th. Finally, Moffett Nathanson began coverage on shares of Best Buy in a research report on Monday, December 4th. They set a “sell” rating for the company. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $58.81.
The stock has a market capitalization of $19,620.00, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 1.42 and a beta of 1.40. 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 (NYSE:BBY) last released its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.78. The firm had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. Best Buy’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 EPS. equities research analysts anticipate that Best Buy Co Inc will post 4.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, December 6th. Best Buy’s dividend payout ratio (DPR) is currently 34.43%.
In related news, major shareholder Richard M. Schulze sold 250,000 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $66.83, for a total transaction of $16,707,500.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $115,782,975. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 3,134 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,137,387 shares of company stock valued at $191,242,577. Company insiders own 0.84% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its position in Best Buy by 762.4% in the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after buying an additional 3,119,700 shares during the period. Bank of New York Mellon Corp increased its position in Best Buy by 27.5% in the third quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after buying an additional 866,787 shares during the period. Parametric Portfolio Associates LLC increased its position in Best Buy by 125.4% in the second quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock worth $79,563,000 after buying an additional 772,200 shares during the period. APG Asset Management N.V. increased its position in Best Buy by 27.6% in the third quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after buying an additional 723,500 shares during the period. Finally, 1060 Capital LLC acquired a new stake in Best Buy in the third quarter worth $35,849,000. 88.45% of the stock is currently owned by institutional investors and hedge funds.
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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