Jefferies Group Reiterates “Buy” Rating for Best Buy Co. (BBY)
Best Buy Co. (NYSE:BBY)‘s stock had its “buy” rating restated by analysts at Jefferies Group in a research report issued on Tuesday. They presently have a $0.15 price objective on the technology retailer’s stock. Jefferies Group’s price target suggests a potential downside of 99.67% from the stock’s current price.
BBY has been the topic of several other reports. Morgan Stanley set a $43.00 price target on shares of Best Buy and gave the stock a “hold” rating in a report on Saturday. Barclays PLC restated a “buy” rating and set a $45.00 price target on shares of Best Buy in a report on Thursday, November 10th. Evercore ISI cut shares of Best Buy from a “hold” rating to a “sell” rating in a report on Tuesday, November 8th. They noted that the move was a valuation call. Vetr cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $33.48 price target on the stock. in a report on Monday, August 8th. Finally, RBC Capital Markets reiterated a “buy” rating and issued a $42.00 target price (up from $36.00) on shares of Best Buy in a research note on Thursday, August 25th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.67.
Best Buy (NYSE:BBY) traded up 2.63% on Tuesday, reaching $46.85. 2,575,144 shares of the company’s stock traded hands. The company’s 50 day moving average is $39.52 and its 200-day moving average is $35.12. The stock has a market cap of $14.81 billion, a price-to-earnings ratio of 13.99 and a beta of 1.51. Best Buy has a 52-week low of $25.31 and a 52-week high of $46.88.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.47 by $0.15. The company earned $8.95 billion during the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. Equities analysts expect that Best Buy will post $3.15 EPS for the current year.
The firm also recently disclosed 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 2.45%. The ex-dividend date of this dividend is Tuesday, December 6th. Best Buy’s payout ratio is 33.73%.
In related news, VP Mathew Watson sold 1,030 shares of the firm’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 transaction, 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 this link. 1.21% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new position in Best Buy during the third quarter valued at approximately $109,000. Mizuho Asset Management Co. Ltd. increased 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 valued at $114,000 after buying an additional 1,866 shares during the period. Bronfman E.L. Rothschild L.P. increased 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 valued at $119,000 after buying an additional 608 shares during the period. Pacer Advisors Inc. increased 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 valued at $124,000 after buying an additional 253 shares during the period. Finally, Global X Management Co. LLC increased 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 valued at $165,000 after buying an additional 3,029 shares during the period. 86.47% 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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