Best Buy Co. (BBY) Price Target Raised to $24.50
Best Buy Co. (NYSE:BBY) had its target price hoisted by stock analysts at Wedbush from $20.50 to $24.50 in a report issued on Friday. The brokerage presently has an “underperform” rating on the technology retailer’s stock. Wedbush’s price objective suggests a potential downside of 46.73% from the stock’s current price.
Several other equities analysts also recently issued reports on BBY. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “sell” rating in a report on Tuesday, July 26th. BTIG Research reissued a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Vetr downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $33.48 price target on the stock. in a research note on Monday, August 8th. Jefferies Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $39.00 to $36.00 in a research note on Monday, August 15th. Finally, Ladenburg Thalmann assumed coverage on shares of Best Buy in a research note on Wednesday, August 17th. They issued an “outperform” rating on the stock. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $38.63.
Best Buy (NYSE:BBY) opened at 45.99 on Friday. The company has a market capitalization of $14.59 billion, a P/E ratio of 14.97 and a beta of 1.51. Best Buy has a one year low of $25.31 and a one year high of $46.72. The company’s 50-day moving average is $39.11 and its 200 day moving average is $34.88.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.15. The business had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Best Buy will post $3.05 earnings per share for the current year.
In other news, VP Mathew Watson sold 1,030 shares of Best Buy stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total value of $40,633.50. Following the transaction, the vice president now directly owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.21% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in BBY. Wellington Management Group LLP boosted its position in shares of Best Buy by 47.8% in the first quarter. Wellington Management Group LLP now owns 386,571 shares of the technology retailer’s stock valued at $12,541,000 after buying an additional 125,055 shares in the last quarter. National Pension Service boosted its position in shares of Best Buy by 4.7% in the first quarter. National Pension Service now owns 206,852 shares of the technology retailer’s stock valued at $6,710,000 after buying an additional 9,203 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Best Buy by 0.7% in the first quarter. Legal & General Group Plc now owns 1,497,028 shares of the technology retailer’s stock valued at $48,571,000 after buying an additional 10,100 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Best Buy by 5.9% in the first quarter. Envestnet Asset Management Inc. now owns 38,155 shares of the technology retailer’s stock valued at $1,238,000 after buying an additional 2,113 shares in the last quarter. Finally, Natixis purchased a new position in shares of Best Buy during the first quarter valued at about $541,000. 86.48% of the stock is currently owned by institutional investors and hedge funds.
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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