Best Buy Co. (BBY) Receives Buy Rating from SunTrust Banks Inc.
Other research analysts have also issued research reports about the stock. Deutsche Bank AG reaffirmed a buy rating and issued a $32.00 price target on shares of Best Buy in a research note on Tuesday, June 28th. Longbow Research began coverage on shares of Best Buy in a report on Thursday, June 16th. They issued a neutral rating on the stock. Barclays PLC reiterated a buy rating and issued a $45.00 price objective on shares of Best Buy in a report on Thursday, June 23rd. Vetr downgraded shares of Best Buy from a buy rating to a hold rating and set a $31.50 price objective on the stock. in a report on Thursday, June 23rd. Finally, Credit Suisse Group AG reiterated a hold rating and issued a $31.00 price objective on shares of Best Buy in a report on Thursday, June 23rd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $37.69.
Shares of Best Buy (NYSE:BBY) traded up 0.339% on Wednesday, hitting $39.905. 5,051,158 shares of the stock traded hands. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58. The firm has a market capitalization of $12.66 billion, a PE ratio of 12.986 and a beta of 1.47. The firm’s 50 day moving average is $38.28 and its 200 day moving average is $33.53.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.40 billion. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The business’s revenue was up .1% on a year-over-year basis. On average, analysts expect that Best Buy will post $3.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s dividend payout ratio is currently 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $744,658.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.21% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AXA increased its position in Best Buy by 3.4% in the first quarter. AXA now owns 1,835,546 shares of the technology retailer’s stock valued at $59,545,000 after buying an additional 59,700 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Best Buy by 17.0% in the first quarter. UBS Asset Management Americas Inc. now owns 3,085,533 shares of the technology retailer’s stock valued at $100,095,000 after buying an additional 447,500 shares in the last quarter. Meeder Asset Management Inc. increased its position in Best Buy by 57.2% in the first quarter. Meeder Asset Management Inc. now owns 54,022 shares of the technology retailer’s stock valued at $1,753,000 after buying an additional 19,657 shares in the last quarter. Rafferty Asset Management LLC increased its position in Best Buy by 80.9% in the first quarter. Rafferty Asset Management LLC now owns 15,529 shares of the technology retailer’s stock valued at $504,000 after buying an additional 6,947 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in Best Buy during the first quarter valued at about $675,000. 87.63% of the stock is owned by institutional investors.
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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