Best Buy Co., Inc. (BBY) Stock Rating Reaffirmed by Barclays PLC
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by analysts at Barclays PLC in a report released on Monday. They presently have a $65.00 target price on the technology retailer’s stock. Barclays PLC’s price target would indicate a potential upside of 4.05% from the company’s previous close.
A number of other research firms also recently issued reports on BBY. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $70.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 23rd. ValuEngine downgraded shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Telsey Advisory Group upped their price target on shares of Best Buy Co. from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 9th. Four research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Best Buy Co. has an average rating of “Buy” and a consensus target price of $57.42.
Shares of Best Buy Co. (BBY) traded down 9.25% during mid-day trading on Monday, hitting $56.69. 7,465,962 shares of the company traded hands. The stock has a market capitalization of $17.29 billion, a PE ratio of 15.25 and a beta of 1.45. The firm’s 50 day moving average price is $58.19 and its 200-day moving average price is $52.51. Best Buy Co. has a 1-year low of $36.51 and a 1-year high of $63.32.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. On average, equities research analysts forecast that Best Buy Co. will post $3.90 EPS for the current year.
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In other Best Buy Co. news, General Counsel Keith J. Nelsen sold 55,153 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the transaction, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Asheesh Saksena sold 22,255 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the transaction, the insider now owns 82,440 shares in the company, valued at $4,588,610.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,077 shares of company stock worth $6,816,671. 0.84% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BBY. Lord Abbett & CO. LLC boosted its position in shares of Best Buy Co. by 23.2% in the second quarter. Lord Abbett & CO. LLC now owns 1,292,100 shares of the technology retailer’s stock valued at $74,076,000 after buying an additional 243,300 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of Best Buy Co. by 344.4% in the second quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock valued at $5,164,000 after buying an additional 69,819 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Best Buy Co. by 13.2% in the second quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock valued at $8,312,000 after buying an additional 16,858 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of Best Buy Co. during the second quarter valued at about $1,164,000. Finally, 361 Capital LLC boosted its position in shares of Best Buy Co. by 16.4% in the second quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock valued at $11,504,000 after buying an additional 28,261 shares during the last quarter. Institutional investors own 86.43% of the company’s stock.
Best Buy Co. 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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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