Best Buy Co. (BBY) Rating Increased to Buy at Vetr Inc.
Best Buy Co. (NYSE:BBY) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $39.59 price objective on the technology retailer’s stock. Vetr‘s target price would suggest a potential upside of 3.50% from the company’s current price.
BBY has been the subject of several other reports. Bank of America Corp. reiterated a “buy” rating on shares of Best Buy in a research note on Thursday, June 23rd. SunTrust Banks Inc. increased their target price on Best Buy from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, August 24th. Raymond James Financial Inc. increased their target price on Best Buy from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, August 24th. Longbow Research started coverage on Best Buy in a research note on Thursday, June 16th. They set a “neutral” rating for the company. Finally, Morgan Stanley reiterated a “buy” rating and set a $28.00 target price on shares of Best Buy in a research note on Wednesday, July 6th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. Best Buy currently has a consensus rating of “Hold” and a consensus price target of $37.27.
Best Buy (NYSE:BBY) opened at 38.25 on Monday. The company has a 50-day moving average of $37.00 and a 200-day moving average of $33.06. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58. The stock has a market capitalization of $12.14 billion, a price-to-earnings ratio of 12.45 and a beta of 1.44.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.14. The firm earned $8.53 billion during the quarter, compared to analysts’ expectations of $8.40 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. Best Buy’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.49 EPS. Equities research analysts expect that Best Buy will post $3.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 9th. This represents a $1.12 annualized dividend and a yield of 2.93%. Best Buy’s dividend payout ratio is currently 36.48%.
In related news, VP Mathew Watson sold 1,030 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the transaction, the vice president now owns 18,876 shares in the company, valued at approximately $744,658.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.21% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Mizuho Asset Management Co. Ltd. raised its position in Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock worth $114,000 after buying an additional 1,866 shares during the period. Pacer Advisors Inc. raised its position in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock worth $124,000 after buying an additional 253 shares during the period. Global X Management Co. LLC raised its position in Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock worth $165,000 after buying an additional 3,029 shares during the period. Loomis Sayles & Co. L P raised its position in Best Buy by 2,685.2% in the second quarter. Loomis Sayles & Co. L P now owns 5,821 shares of the technology retailer’s stock worth $178,000 after buying an additional 5,612 shares during the period. Finally, Alambic Investment Management L.P. bought a new position in Best Buy during the second quarter worth $211,000. Institutional investors and hedge funds own 87.63% of the company’s stock.
Best Buy 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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
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