Best Buy Co., Inc. (BBY) Raised to “Buy” at Zacks Investment Research
Best Buy Co., Inc. (NYSE:BBY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $62.00 price objective on the technology retailer’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.52% from the company’s previous close.
According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”
Several other equities research analysts also recently commented on the company. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. Barclays PLC reissued a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a report on Monday, August 28th. Deutsche Bank AG reissued a “buy” rating and issued a $58.00 price objective (down previously from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. Royal Bank Of Canada increased their price objective on Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a report on Wednesday, August 30th. Finally, 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 report on Thursday, August 31st. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $58.97.
Best Buy Co. (NYSE BBY) traded down 0.49% during trading on Monday, hitting $54.83. 1,131,797 shares of the stock were exchanged. Best Buy Co. has a 1-year low of $37.10 and a 1-year high of $63.32. The firm’s 50 day moving average price is $56.20 and its 200-day moving average price is $55.39. The stock has a market cap of $16.40 billion, a price-to-earnings ratio of 14.51 and a beta of 1.51.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, beating the consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, analysts anticipate that Best Buy Co. will post $4.06 EPS for the current year.
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In related news, CFO Corie S. Barry sold 787 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $47,157.04. Following the transaction, the chief financial officer now owns 54,159 shares in the company, valued at $3,245,207.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The stock was 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. Insiders sold 166,259 shares of company stock worth $9,182,693 in the last 90 days. 0.84% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of BBY. FNY Managed Accounts LLC increased its position in shares of Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after purchasing an additional 2,011 shares during the period. Huntington National Bank increased its position in shares of Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after purchasing an additional 318 shares during the period. Exane Derivatives increased its position in shares of Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after purchasing an additional 1,010 shares during the period. Harbour Capital Advisors LLC acquired a new stake in Best Buy Co. in the first quarter valued at about $147,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Best Buy Co. 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 buying an additional 163 shares in the last quarter. Institutional investors own 88.07% of the company’s stock.
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.
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