Best Buy Co. (BBY) Stock Rating Upgraded by Bank of America Corp.
Best Buy Co. (NYSE:BBY) was upgraded by research analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report released on Thursday.
A number of other research analysts have also recently issued reports on BBY. Citigroup Inc. boosted their target price on Best Buy from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 24th. BTIG Research reissued a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Deutsche Bank AG boosted their target price on Best Buy from $32.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, August 24th. Zacks Investment Research cut Best Buy from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, October 25th. Finally, Vetr raised Best Buy from a “hold” rating to a “buy” rating and set a $39.59 target price for the company in a research note on Thursday, September 8th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $39.66.
Best Buy (NYSE:BBY) opened at 44.79 on Thursday. The company has a 50 day moving average price of $38.70 and a 200-day moving average price of $34.63. The company has a market capitalization of $14.16 billion, a P/E ratio of 13.37 and a beta of 1.51. Best Buy has a 52 week low of $25.31 and a 52 week high of $45.68.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.15. The business earned $8.95 billion during the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a return on equity of 24.18% and a net margin of 2.78%. The firm’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, equities analysts anticipate that Best Buy will post $3.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders 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 is presently 33.73%.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of the firm’s stock in a transaction 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 sale, the vice president now owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.21% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of BBY. Wellington Management Group LLP increased its stake 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 worth $12,541,000 after buying an additional 125,055 shares in the last quarter. National Pension Service increased its stake 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 worth $6,710,000 after buying an additional 9,203 shares in the last quarter. Legal & General Group Plc increased its stake 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 worth $48,571,000 after buying an additional 10,100 shares in the last quarter. Envestnet Asset Management Inc. increased its stake 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 worth $1,238,000 after buying an additional 2,113 shares in the last quarter. Finally, Natixis acquired a new stake in shares of Best Buy during the first quarter worth $541,000. 86.48% of the stock is currently owned by hedge funds and other 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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