Best Buy Co. (BBY) Receives Buy Rating from Morgan Stanley
A number of other analysts have also weighed in on BBY. Barclays PLC restated a buy rating and issued a $45.00 target price on shares of Best Buy in a research report on Thursday, November 10th. Evercore ISI lowered shares of Best Buy from a hold rating to a sell rating in a research report on Tuesday, November 8th. They noted that the move was a valuation call. Vetr lowered shares of Best Buy from a buy rating to a hold rating and set a $33.48 target price on the stock. in a research report on Monday, August 8th. RBC Capital Markets restated a buy rating and issued a $42.00 target price (up previously from $36.00) on shares of Best Buy in a research report on Thursday, August 25th. Finally, Deutsche Bank AG raised their target price on shares of Best Buy from $32.00 to $41.00 and gave the company a hold rating in a research report on Wednesday, August 24th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. The stock 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 trading on Friday, hitting $45.25. 1,484,492 shares of the stock traded hands. The firm has a market capitalization of $14.31 billion, a price-to-earnings ratio of 13.51 and a beta of 1.51. The firm has a 50-day moving average of $39.31 and a 200-day moving average of $34.97. Best Buy has a 1-year low of $25.31 and a 1-year high of $46.72.
Best Buy (NYSE:BBY) last issued its earnings results on Thursday, November 17th. The technology retailer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.15. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The firm had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter last year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 1.4% on a year-over-year basis. On average, equities analysts forecast that Best Buy will post $3.15 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is currently 33.73%.
In other news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction that occurred 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 sale, 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 SEC, which is accessible through the SEC website. 1.21% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Mizuho Asset Management Co. Ltd. raised 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 worth $114,000 after buying an additional 1,866 shares during the period. Bronfman E.L. Rothschild L.P. raised 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 worth $119,000 after buying an additional 608 shares during the period. Pacer Advisors Inc. raised 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 worth $124,000 after buying an additional 253 shares during the period. Global X Management Co. LLC raised 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 worth $165,000 after buying an additional 3,029 shares during the period. Finally, Kernodle & Katon Asset Management Group LLC purchased a new stake in Best Buy during the third quarter worth $173,000. 86.47% of the stock is currently owned by institutional investors and hedge funds.
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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