Vetr Inc. Downgrades Best Buy Co. (BBY) to Hold
Best Buy Co. (NYSE:BBY) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a note issued to investors on Monday. They currently have a $39.59 price target on the technology retailer’s stock. Vetr‘s price objective indicates a potential upside of 3.69% from the company’s previous close.
BBY has been the topic of several other research reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Tuesday, July 5th. RBC Capital Markets reiterated a “buy” rating and issued a $42.00 price objective (up previously from $36.00) on shares of Best Buy in a research note on Thursday, August 25th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $31.00 price objective on shares of Best Buy in a research note on Thursday, June 23rd. Longbow Research assumed coverage on shares of Best Buy in a research note on Thursday, June 16th. They issued a “neutral” rating on the stock. Finally, Barclays PLC reiterated a “buy” rating and issued a $45.00 price objective on shares of Best Buy in a research note on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. Best Buy presently has a consensus rating of “Hold” and an average target price of $37.27.
Best Buy (NYSE:BBY) opened at 38.18 on Monday. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58. The stock has a market cap of $12.11 billion, a PE ratio of 12.42 and a beta of 1.44. The company’s 50-day moving average is $37.33 and its 200 day moving average is $33.15.
Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.14. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.40 billion. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.49 EPS. On average, analysts expect that Best Buy will post $3.05 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.93%. Best Buy’s dividend payout ratio (DPR) is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of Best Buy stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total transaction of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.21% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. increased its stake 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 valued at $114,000 after buying an additional 1,866 shares during the period. Pacer Advisors Inc. raised its position in shares of Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares in the last quarter. Global X Management Co. LLC raised its position in shares of 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 valued at $165,000 after buying an additional 3,029 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of 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 valued at $178,000 after buying an additional 5,612 shares in the last quarter. Finally, Alambic Investment Management L.P. purchased a new position in shares of Best Buy during the second quarter valued at approximately $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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