Best Buy Co. (BBY) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Best Buy Co. (NYSE:BBY) have received an average recommendation of “Hold” from the twenty-six analysts that are presently covering the firm. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $37.40.
A number of research analysts recently weighed in on BBY shares. Bank of America Corp. reiterated a “sell” rating and issued a $29.00 target price on shares of Best Buy in a report on Wednesday, August 24th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Tuesday, October 4th. SunTrust Banks Inc. restated a “buy” rating on shares of Best Buy in a research note on Wednesday, October 12th. Vetr upgraded Best Buy from a “hold” rating to a “buy” rating and set a $39.59 price objective on the stock in a research note on Thursday, September 8th. Finally, Citigroup Inc. boosted their price objective on Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 24th.
Shares of Best Buy (NYSE:BBY) traded down 0.81% during mid-day trading on Friday, hitting $46.58. The company had a trading volume of 2,707,033 shares. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 13.90 and a beta of 1.51. Best Buy has a 52-week low of $25.31 and a 52-week high of $47.29. The stock’s 50-day moving average is $40.01 and its 200-day moving average is $35.31.
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 the Zacks’ consensus estimate of $0.47 by $0.15. Best Buy had a return on equity of 24.18% and a net margin of 2.78%. The firm had revenue of $8.95 billion for the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities analysts forecast that Best Buy will post $3.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th will be given a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Best Buy’s dividend payout ratio is presently 33.73%.
Institutional investors have recently modified their holdings of the company. Aberdeen Asset Management PLC UK increased its position in shares of Best Buy by 11.6% in the second quarter. Aberdeen Asset Management PLC UK now owns 402,595 shares of the technology retailer’s stock valued at $12,319,000 after buying an additional 41,926 shares in the last quarter. Jensen Investment Management Inc. increased its stake in Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock worth $389,000 after buying an additional 440 shares during the period. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Best Buy by 62.4% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 210,399 shares of the technology retailer’s stock worth $6,438,000 after buying an additional 80,825 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in Best Buy by 1.6% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 241,476 shares of the technology retailer’s stock worth $7,389,000 after buying an additional 3,758 shares during the period. Finally, Exxonmobil Investment Management Inc. TX increased its stake in Best Buy by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 72,982 shares of the technology retailer’s stock worth $2,233,000 after buying an additional 4,388 shares during the period. Institutional investors and hedge funds own 86.47% of the company’s stock.
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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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