Best Buy Co. (BBY) PT Raised to $47.00
Best Buy Co. (NYSE:BBY) had its price target lifted by investment analysts at Royal Bank Of Canada from $42.00 to $47.00 in a report released on Friday. The brokerage presently has a “sector perform” rating on the technology retailer’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 2.96% from the stock’s current price.
Several other equities research analysts have also commented on BBY. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “sell” rating in a research note on Tuesday, July 26th. BTIG Research reiterated a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Vetr lowered 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 lowered shares of Best Buy from a “buy” rating to a “hold” rating and cut their price target for the stock from $39.00 to $36.00 in a research note on Monday, August 15th. Finally, Ladenburg Thalmann started coverage on shares of Best Buy in a research note on Wednesday, August 17th. They set an “outperform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $39.66.
Shares of Best Buy (NYSE:BBY) opened at 45.65 on Friday. Best Buy has a 1-year low of $25.31 and a 1-year high of $46.72. The stock has a market capitalization of $14.43 billion, a price-to-earnings ratio of 13.63 and a beta of 1.51. The stock’s 50 day moving average is $39.52 and its 200 day moving average is $35.12.
Best Buy (NYSE:BBY) last announced its quarterly earnings results 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 firm had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same period last year, the business earned $0.41 EPS. Best Buy’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities analysts forecast that Best Buy will post $3.15 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is 33.73%.
In related news, VP Mathew Watson sold 1,030 shares of the company’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 transaction of $40,633.50. Following the completion of the transaction, the vice president now owns 18,876 shares of the company’s stock, valued at $744,658.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.21% of the company’s stock.
A number of institutional investors have recently modified their holdings of BBY. Ameriprise Financial Inc. raised its position in shares of Best Buy by 170.5% in the third quarter. Ameriprise Financial Inc. now owns 5,710,836 shares of the technology retailer’s stock valued at $218,033,000 after buying an additional 3,599,363 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Best Buy by 40.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,814,209 shares of the technology retailer’s stock valued at $116,715,000 after buying an additional 1,095,720 shares during the period. Prudential Financial Inc. raised its position in shares of Best Buy by 89.3% in the third quarter. Prudential Financial Inc. now owns 1,859,290 shares of the technology retailer’s stock valued at $70,988,000 after buying an additional 876,968 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Best Buy by 200.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,296,280 shares of the technology retailer’s stock valued at $35,926,000 after buying an additional 865,211 shares during the period. Finally, Two Sigma Advisers LP raised its position in shares of Best Buy by 94.8% in the third quarter. Two Sigma Advisers LP now owns 1,455,593 shares of the technology retailer’s stock valued at $55,575,000 after buying an additional 708,503 shares during the period. 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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