Loop Capital Analysts Give Best Buy Co., Inc. (BBY) a $72.00 Price Target

Loop Capital set a $72.00 target price on Best Buy Co., Inc. (NYSE:BBY) in a report released on Thursday morning. The firm currently has a buy rating on the technology retailer’s stock.

Several other equities research analysts have also issued reports on BBY. Royal Bank Of Canada raised their price target on shares of Best Buy Co. from $60.00 to $61.00 and gave the stock a sector perform rating in a research note on Wednesday, August 30th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. Deutsche Bank AG restated a buy rating and set a $58.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Piper Jaffray Companies restated a buy rating and set a $70.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 23rd. Finally, UBS AG restated a buy rating and set a $57.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research note on Wednesday, September 20th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $58.86.

Best Buy Co. (NYSE BBY) traded up $0.58 during trading hours on Thursday, reaching $55.83. 5,160,200 shares of the company’s stock traded hands, compared to its average volume of 4,139,236. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.69 and a current ratio of 1.25. The stock has a market cap of $16,703.50, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.15 and a beta of 1.42. Best Buy Co. has a 52-week low of $41.67 and a 52-week high of $63.32.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The firm had revenue of $9.32 billion during the quarter, compared to analyst estimates of $9.36 billion. Best Buy Co. had a net margin of 3.09% and a return on equity of 28.46%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. analysts expect that Best Buy Co. will post 4.04 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.44%. Best Buy Co.’s payout ratio is 34.34%.

In other news, CEO Hubert Joly sold 106,942 shares of Best Buy Co. stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the completion of the sale, the chief executive officer now directly owns 645,222 shares of the company’s stock, valued at approximately $35,280,738.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shari L. Ballard sold 2,246 shares of Best Buy Co. stock in a transaction on 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 166,259 shares of company stock valued at $9,182,693 over the last ninety days. 1.21% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Best Buy Co. by 3.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,828,752 shares of the technology retailer’s stock worth $276,833,000 after acquiring an additional 154,426 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy Co. by 27.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after acquiring an additional 866,787 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Best Buy Co. by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after acquiring an additional 3,119,700 shares during the last quarter. APG Asset Management N.V. lifted its holdings in shares of Best Buy Co. by 27.6% during the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after acquiring an additional 723,500 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Best Buy Co. by 3.5% during the 2nd quarter. LSV Asset Management now owns 2,015,293 shares of the technology retailer’s stock worth $115,536,000 after acquiring an additional 69,000 shares during the last quarter. 87.52% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Best Buy Co. (NYSE:BBY)

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