Best Buy Co., Inc. (BBY) Receives Buy Rating from Loop Capital
Loop Capital reaffirmed their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a report issued on Thursday morning. Loop Capital currently has a $72.00 price objective on the technology retailer’s stock.
Several other research analysts also recently issued reports on BBY. Wedbush restated an underperform rating and set a $29.00 price objective on shares of Best Buy Co. in a report on Monday, May 22nd. UBS AG restated a buy rating and set a $51.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a report on Wednesday, May 24th. Jefferies Group LLC boosted their price objective on shares of Best Buy Co. from $43.00 to $51.00 and gave the stock a hold – buy rating in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Best Buy Co. in a report on Thursday, May 25th. Finally, Telsey Advisory Group boosted their price objective on shares of Best Buy Co. from $53.00 to $66.00 and gave the stock an outperform rating in a report on Friday, May 26th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $58.92.
Best Buy Co. (BBY) traded down 0.52% during trading on Thursday, reaching $53.98. The company had a trading volume of 2,596,883 shares. The stock has a market cap of $16.42 billion, a P/E ratio of 14.28 and a beta of 1.45. Best Buy Co. has a 12-month low of $36.51 and a 12-month high of $63.32. The firm has a 50-day moving average price of $58.38 and a 200 day moving average price of $52.86.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts predict that Best Buy Co. will post $4.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.51%. Best Buy Co.’s payout ratio is 35.88%.
In other news, insider Shari L. Ballard sold 2,246 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Asheesh Saksena sold 22,255 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the transaction, the insider now owns 82,440 shares in the company, valued at $4,588,610.40. The disclosure for this sale can be found here. Insiders have sold 61,924 shares of company stock worth $3,562,092 over the last quarter. 1.21% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the company. FNY Managed Accounts LLC raised 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 buying an additional 2,011 shares during the last quarter. Huntington National Bank raised 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 buying an additional 318 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Best Buy Co. during the first quarter worth about $134,000. Heritage Trust Co bought a new position in shares of Best Buy Co. during the first quarter worth about $137,000. Finally, TrimTabs Asset Management LLC raised its position in shares of Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after buying an additional 1,328 shares during the last quarter. Institutional investors own 86.43% 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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