Best Buy Co., Inc. (NYSE:BBY) had its target price lowered by Royal Bank Of Canada from $61.00 to $57.00 in a research report report published on Wednesday morning, MarketBeat reports. The brokerage currently has a sector perform rating on the technology retailer’s stock.

Several other analysts also recently weighed in on the stock. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. Barclays PLC reaffirmed a buy rating and set a $65.00 price target on shares of Best Buy Co. in a research note on Monday, August 28th. Deutsche Bank AG reaffirmed a buy rating and set a $58.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. UBS AG reissued a buy rating and issued a $60.00 price objective (down previously from $62.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Finally, Loop Capital reissued a buy rating and issued a $72.00 price objective on shares of Best Buy Co. in a research note on Thursday, August 31st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $58.14.

Best Buy Co. (NYSE BBY) opened at 53.90 on Wednesday. The company has a market cap of $16.13 billion, a price-to-earnings ratio of 14.26 and a beta of 1.48. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32. The stock has a 50 day moving average price of $58.64 and a 200 day moving average price of $53.96.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. Analysts anticipate that Best Buy Co. will post $4.06 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.

In other Best Buy Co. news, CEO Hubert Joly sold 106,942 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $5,847,588.56. Following the sale, the chief executive officer now directly owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Corie S. Barry sold 787 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $47,157.04. Following the completion of the sale, the chief financial officer now directly owns 54,159 shares in the company, valued at $3,245,207.28. The disclosure for this sale can be found here. Insiders have sold 163,125 shares of company stock worth $9,003,240 over the last three months. Corporate insiders own 1.21% of the company’s stock.

A number of large investors have recently bought and sold shares of BBY. BlackRock Inc. boosted its holdings in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after purchasing an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Best Buy Co. in the first quarter valued at $265,777,000. Renaissance Technologies LLC boosted its holdings in Best Buy Co. by 762.4% in the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after purchasing an additional 3,119,700 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Best Buy Co. by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock valued at $183,979,000 after purchasing an additional 1,645,245 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after purchasing an additional 1,241,888 shares during the last quarter. 88.11% of the stock is currently owned by institutional investors.

Best Buy Co. Company Profile

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.

Analyst Recommendations for Best Buy Co. (NYSE:BBY)

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