Best Buy Co., Inc. (BBY) Earns “Buy” Rating from Piper Jaffray Companies
Piper Jaffray Companies reiterated their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research report sent to investors on Friday. The brokerage currently has a $71.00 target price on the technology retailer’s stock.
A number of other brokerages have also issued reports on BBY. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a buy rating to a strong-buy rating in a research note on Thursday, August 24th. Barclays PLC reissued a buy rating and set a $65.00 target price on shares of Best Buy Co. in a research note on Monday, August 28th. ValuEngine lowered shares of Best Buy Co. from a buy rating to a hold rating in a research note on Friday, May 26th. Finally, Telsey Advisory Group lifted their target price 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. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Best Buy Co. has a consensus rating of Buy and an average price target of $58.92.
Shares of Best Buy Co. (NYSE BBY) opened at 54.48 on Friday. The company has a 50-day moving average price of $58.37 and a 200-day moving average price of $52.93. The stock has a market cap of $16.57 billion, a price-to-earnings ratio of 14.42 and a beta of 1.48. Best Buy Co. has a 1-year low of $36.51 and a 1-year high of $63.32. Best Buy Co. also was the recipient of unusually large options trading activity on Monday. Traders bought 993 call options on the company. This is an increase of approximately 163% compared to the typical volume of 378 call options.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the business posted $0.57 EPS. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that Best Buy Co. will post $4.04 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.
In related news, insider Shari L. Ballard sold 2,246 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mathew Watson sold 503 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $59.00, for a total transaction of $29,677.00. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $930,253. The disclosure for this sale can be found here. Insiders sold 61,924 shares of company stock valued at $3,562,092 in the last quarter. Corporate insiders own 0.84% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Lord Abbett & CO. LLC lifted its stake in 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 acquiring an additional 243,300 shares during the last quarter. Toronto Dominion Bank raised 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 purchasing an additional 69,819 shares during the period. Public Employees Retirement System of Ohio raised 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 purchasing an additional 16,858 shares during the period. Nomura Holdings Inc. bought a new position in shares of Best Buy Co. in the second quarter valued at about $1,164,000. Finally, 361 Capital LLC raised 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 purchasing an additional 28,261 shares during the period. Hedge funds and other institutional investors own 86.46% 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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