A number of other research firms also recently issued reports on BBY. BidaskClub upgraded Best Buy Co. from a buy rating to a strong-buy rating in a research note on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 price target on Best Buy Co. and gave the stock a buy rating in a research note on Saturday, July 22nd. Bank of America Corporation restated a buy rating and issued a $68.00 price target (up from $58.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Loop Capital restated a buy rating and issued a $72.00 price target on shares of Best Buy Co. in a research note on Monday, July 10th. Finally, Telsey Advisory Group raised their price target on Best Buy Co. from $53.00 to $66.00 and gave the stock an outperform rating in a research note on Friday, May 26th. Three analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Best Buy Co. has a consensus rating of Buy and a consensus target price of $58.14.
Shares of Best Buy Co. (NYSE BBY) opened at 53.90 on Wednesday. The company has a market capitalization of $16.13 billion, a price-to-earnings ratio of 14.26 and a beta of 1.48. Best Buy Co. has a 52 week low of $37.10 and a 52 week high of $63.32. The firm 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 released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion for 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 company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.57 EPS. Equities analysts forecast that Best Buy Co. will post $4.06 EPS for the current year.
The company also recently disclosed 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 is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.52%. Best Buy Co.’s payout ratio is 35.88%.
In other news, CEO Hubert Joly sold 14,734 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $882,861.28. Following the completion of the transaction, the chief executive officer now owns 540,694 shares in the company, valued at $32,398,384.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $52.49, for a total value of $566,734.53. Following the transaction, the insider now owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,125 shares of company stock valued at $9,003,240. Company insiders own 1.21% of the company’s stock.
Several institutional investors have recently modified their holdings of BBY. FNY Managed Accounts LLC grew its position in shares of Best Buy Co. by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after purchasing an additional 2,011 shares in the last quarter. Huntington National Bank grew its position in shares of Best Buy Co. by 18.4% during the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after purchasing an additional 318 shares in the last quarter. Exane Derivatives grew its position in shares of Best Buy Co. by 65.5% during the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after purchasing an additional 1,010 shares in the last quarter. Harbour Capital Advisors LLC purchased a new position in shares of Best Buy Co. during the first quarter valued at about $147,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Best Buy Co. by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after purchasing an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 88.11% of the company’s stock.
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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