Best Buy Co., Inc. (NYSE:BBY) Earns “Buy” Rating from Loop Capital
Loop Capital reaffirmed their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a report released on Saturday, July 22nd. They currently have a $72.00 price objective on the technology retailer’s stock.
A number of other analysts also recently issued reports on the company. BidaskClub downgraded Best Buy Co. from a buy rating to a hold rating in a research report on Wednesday, July 12th. Sanford C. Bernstein set a $47.00 price objective on Best Buy Co. and gave the company a sell rating in a research report on Tuesday, July 11th. Jefferies Group LLC reissued a buy rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Thursday, July 6th. Piper Jaffray Companies set a $70.00 price target on Best Buy Co. and gave the stock a buy rating in a research note on Monday, June 26th. Finally, Deutsche Bank AG reissued a buy rating and issued a $60.00 target price on shares of Best Buy Co. in a research note on Monday, June 5th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $56.76.
Shares of Best Buy Co. (NYSE BBY) traded down 1.13% during trading on Friday, reaching $59.47. 3,133,468 shares of the company were exchanged. Best Buy Co. has a one year low of $32.48 and a one year high of $62.36. The firm’s 50 day moving average price is $57.68 and its 200 day moving average price is $51.89. The company has a market capitalization of $18.14 billion, a PE ratio of 16.00 and a beta of 1.45.
Best Buy Co. (NYSE:BBY) last released its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The company had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period in the previous year, the business posted $0.44 EPS. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Best Buy Co. will post $3.89 earnings per share for the current fiscal year.
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In related news, VP Mathew Watson sold 14,568 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $60.43, for a total transaction of $880,344.24. Following the transaction, the vice president now owns 21,872 shares of the company’s stock, valued at $1,321,724.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Asheesh Saksena sold 22,255 shares of the firm’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the completion of the sale, the insider now owns 82,440 shares of the company’s stock, valued at approximately $4,588,610.40. The disclosure for this sale can be found here. Insiders have sold 121,917 shares of company stock worth $7,107,375 over the last 90 days. 1.21% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of BBY. Bedrijfstakpensioenfonds Voor DE Media PNO purchased a new stake in Best Buy Co. during the second quarter valued at approximately $1,534,000. Foster & Motley Inc. bought a new stake in shares of Best Buy Co. during the first quarter valued at about $250,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Best Buy Co. by 8.8% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 58,302 shares of the technology retailer’s stock valued at $2,866,000 after buying an additional 4,732 shares during the last quarter. Geode Capital Management LLC raised its position in Best Buy Co. by 9.1% in the first quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock valued at $171,592,000 after buying an additional 292,667 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in Best Buy Co. by 7.2% in the first quarter. Xact Kapitalforvaltning AB now owns 49,669 shares of the technology retailer’s stock valued at $2,441,000 after buying an additional 3,342 shares during the last quarter. Hedge funds and other institutional investors own 92.46% of the company’s stock.
About Best Buy Co.
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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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