Oppenheimer Holdings, Inc. Reiterates “Hold” Rating for Best Buy Co., Inc. (BBY)
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “hold” rating reiterated by Oppenheimer Holdings, Inc. in a research report issued to clients and investors on Tuesday. Oppenheimer Holdings also issued estimates for Best Buy Co.’s FY2018 earnings at $3.99 EPS and FY2019 earnings at $4.20 EPS.
A number of other equities analysts have also recently commented on the company. Barclays PLC reiterated a “buy” rating and set a $65.00 price target on shares of Best Buy Co. in a report on Monday. BidaskClub upgraded Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Piper Jaffray Companies restated a “buy” rating and set a $70.00 price objective on shares of Best Buy Co. in a report on Wednesday, August 23rd. Jefferies Group LLC restated a “hold” rating and set a $60.00 price objective on shares of Best Buy Co. in a report on Tuesday, August 22nd. Finally, Loop Capital restated a “buy” rating and set a $72.00 price objective on shares of Best Buy Co. in a report on Wednesday, August 16th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $58.25.
Shares of Best Buy Co. (NYSE:BBY) opened at 54.19 on Tuesday. Best Buy Co. has a 1-year low of $36.51 and a 1-year high of $63.32. The firm has a market cap of $16.53 billion, a price-to-earnings ratio of 14.58 and a beta of 1.45. The company’s 50 day moving average price is $58.19 and its 200-day moving average price is $52.51.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the company posted $0.57 earnings per share. Best Buy Co.’s quarterly revenue was up 4.8% on a year-over-year basis. Equities analysts expect that Best Buy Co. will post $4.02 EPS for the current fiscal year.
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In other news, VP Mathew Watson sold 503 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $59.00, for a total transaction of $29,677.00. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $930,253. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shari L. Ballard sold 2,246 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Insiders have sold a total of 61,924 shares of company stock worth $3,562,092 in the last three months. Insiders own 1.21% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in BBY. Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new stake in Best Buy Co. during the second quarter worth $1,534,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Best Buy Co. by 8.8% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 58,302 shares of the technology retailer’s stock worth $2,866,000 after buying an additional 4,732 shares in the last quarter. Geode Capital Management LLC raised its stake in Best Buy Co. by 9.1% in the first quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock worth $171,592,000 after buying an additional 292,667 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in Best Buy Co. by 7.2% in the first quarter. Xact Kapitalforvaltning AB now owns 49,669 shares of the technology retailer’s stock worth $2,441,000 after buying an additional 3,342 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in Best Buy Co. during the first quarter worth $265,777,000. 86.43% 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.
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