Best Buy Co. (BBY) Price Target Increased to $47.00 by Analysts at RBC Capital Markets
Best Buy Co. (NYSE:BBY) had its price objective lifted by RBC Capital Markets from $42.00 to $47.00 in a report released on Friday morning. They currently have a sector perform rating on the technology retailer’s stock.
BBY has been the subject of several other reports. SunTrust Banks Inc. increased their price target on shares of Best Buy from $39.00 to $45.00 and gave the stock a buy rating in a research note on Wednesday, August 24th. Raymond James Financial Inc. increased their price target on shares of Best Buy from $38.00 to $45.00 and gave the stock a buy rating in a research note on Wednesday, August 24th. Evercore ISI lowered shares of Best Buy from a hold rating to a sell rating in a research note on Tuesday, November 8th. They noted that the move was a valuation call. Telsey Advisory Group increased their price target on shares of Best Buy from $42.00 to $48.00 and gave the stock an outperform rating in a research note on Friday. Finally, Vetr lowered shares of Best Buy from a hold rating to a sell rating and set a $33.48 price target for the company. in a research note on Monday, August 15th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company. Best Buy currently has an average rating of Hold and a consensus target price of $39.66.
Shares of Best Buy (NYSE:BBY) traded up 1.03% during mid-day trading on Friday, reaching $45.25. 1,484,485 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $39.31 and its 200-day moving average price is $34.97. Best Buy has a 12-month low of $25.31 and a 12-month high of $46.72. The stock has a market cap of $14.31 billion, a price-to-earnings ratio of 13.51 and a beta of 1.51.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.15. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The business earned $8.95 billion during the quarter, compared to analyst estimates of $8.85 billion. During the same period in the prior year, the business earned $0.41 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities research analysts forecast that Best Buy will post $3.15 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 33.73%.
In related news, VP Mathew Watson sold 1,030 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 18,876 shares of the company’s stock, valued at $744,658.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.21% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of 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. Bronfman E.L. Rothschild L.P. raised its position 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 worth $119,000 after buying an additional 608 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. Finally, Kernodle & Katon Asset Management Group LLC acquired a new position in Best Buy during the third quarter worth $173,000. 86.47% of the stock is owned by hedge funds and other institutional investors.
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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