Best Buy Co.’s (BBY) “Buy” Rating Reaffirmed at Barclays PLC
Several other analysts have also recently commented on the stock. Loop Capital upgraded shares of Best Buy Co. from a sell rating to a hold rating and decreased their price target for the stock from $37.00 to $35.00 in a report on Monday, May 15th. SunTrust Banks, Inc. set a $70.00 price target on shares of Best Buy Co. and gave the stock a buy rating in a report on Saturday, July 22nd. Deutsche Bank AG restated a buy rating and set a $60.00 price target on shares of Best Buy Co. in a report on Monday, June 5th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Best Buy Co. in a report on Thursday, May 25th. Finally, Sanford C. Bernstein set a $47.00 price target on shares of Best Buy Co. and gave the stock a sell rating in a report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $58.92.
Best Buy Co. (NYSE BBY) opened at 54.26 on Monday. The firm has a market cap of $16.50 billion, a price-to-earnings ratio of 14.36 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 company’s 50-day moving average is $58.38 and its 200 day moving average is $52.86.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 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 during the quarter, compared to analysts’ expectations of $8.67 billion. During the same period last year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co. will post $4.04 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is 35.88%.
In related news, insider Shari L. Ballard sold 2,246 shares of the business’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 $134,580.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hubert Joly sold 14,734 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $882,861.28. Following the transaction, the chief executive officer now directly owns 540,694 shares in the company, valued at approximately $32,398,384.48. The disclosure for this sale can be found here. In the last three months, insiders sold 61,924 shares of company stock worth $3,562,092. Insiders own 1.21% of the company’s stock.
A number of 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 period. 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 period. 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 period. 86.43% of the stock is currently owned by institutional investors and hedge funds.
About Best Buy Co.
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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