Best Buy Co., Inc. (BBY) Given a $33.00 Price Target by Wedbush Analysts
Best Buy Co., Inc. (NYSE:BBY) has been given a $33.00 target price by equities research analysts at Wedbush in a note issued to investors on Monday. The firm presently has a “sell” rating on the technology retailer’s stock. Wedbush’s target price suggests a potential downside of 41.78% from the company’s previous close.
Other equities research analysts also recently issued research reports about the stock. Loop Capital reaffirmed a “buy” rating and set a $72.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 16th. Royal Bank Of Canada lifted their price target on shares of Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a report on Wednesday, August 30th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $58.00 price target (down from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $70.00 price target on shares of Best Buy Co. in a report on Wednesday, August 23rd. Three analysts have rated the stock with a sell rating, four have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $58.97.
Shares of Best Buy Co. (NYSE:BBY) traded up $0.75 on Monday, hitting $56.68. 3,899,400 shares of the company’s stock were exchanged, compared to its average volume of 4,424,113. The firm has a market cap of $16,957.78, a price-to-earnings ratio of 14.68, a PEG ratio of 1.14 and a beta of 1.42. Best Buy Co. has a 52 week low of $37.65 and a 52 week high of $63.32. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.69 and a current ratio of 1.42.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share 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 analyst estimates of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the business earned $0.57 EPS. equities research analysts anticipate that Best Buy Co. will post 4.06 EPS for the current year.
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In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of the stock in a transaction dated 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 document filed with the SEC, which is accessible through this link. Also, CEO Hubert Joly sold 14,734 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $882,861.28. Following the sale, the chief executive officer now directly owns 540,694 shares in the company, valued at approximately $32,398,384.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 166,259 shares of company stock valued at $9,182,693. Corporate insiders own 0.84% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Best Buy Co. by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,828,752 shares of the technology retailer’s stock valued at $276,833,000 after purchasing an additional 154,426 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Best Buy Co. by 27.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after buying an additional 866,787 shares during the period. Renaissance Technologies LLC raised its holdings in Best Buy Co. by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after buying an additional 3,119,700 shares during the period. APG Asset Management N.V. raised its holdings in Best Buy Co. by 27.6% during the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after buying an additional 723,500 shares during the period. Finally, LSV Asset Management raised its holdings in Best Buy Co. by 3.5% during the 2nd quarter. LSV Asset Management now owns 2,015,293 shares of the technology retailer’s stock worth $115,536,000 after buying an additional 69,000 shares during the period. 87.52% of the stock is currently owned by institutional investors.
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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