Best Buy Co. (BBY) Hits New 52-Week High on Earnings Beat
Shares of Best Buy Co. (NYSE:BBY) reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $44.97 and last traded at $0.00, with a volume of shares changing hands. The stock had previously closed at $0.00.
The technology retailer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.15. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The firm had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.85 billion. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis.
Several brokerages recently weighed in on BBY. Bank of America Corp. raised shares of Best Buy from an “underperform” rating to a “neutral” rating in a research note on Thursday. Vetr downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $41.40 price objective on the stock. in a research report on Thursday, October 13th. SunTrust Banks Inc. reissued a “buy” rating on shares of Best Buy in a research report on Wednesday, October 12th. RBC Capital Markets reissued a “buy” rating and issued a $42.00 price objective (up from $36.00) on shares of Best Buy in a research report on Thursday, August 25th. Finally, Wedbush reissued a “sell” rating and issued a $20.50 price objective on shares of Best Buy in a research report on Thursday, August 25th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $37.84.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the sale, the vice president now directly owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.21% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. boosted 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 in the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in Best Buy by 24.2% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 3,124 shares of the technology retailer’s stock valued at $119,000 after buying an additional 608 shares in the last quarter. Pacer Advisors Inc. boosted its stake in 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 boosted its stake 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 valued at $165,000 after buying an additional 3,029 shares in the last quarter. Finally, Kernodle & Katon Asset Management Group LLC purchased a new stake in Best Buy during the third quarter valued at about $173,000. 86.48% of the stock is currently owned by institutional investors.
The stock has a 50 day moving average of $38.88 and a 200-day moving average of $34.80. The stock has a market cap of $14.59 billion, a P/E ratio of 14.97 and a beta of 1.51.
About Best Buy
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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