Best Buy Co. (NYSE:BBY) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a report released on Monday. They presently have a $39.59 target price on the technology retailer’s stock. Vetr‘s target price would suggest a potential upside of 4.24% from the company’s current price.
BBY has been the subject of a number of other research reports. Citigroup Inc. upped 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. BTIG Research reaffirmed a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Deutsche Bank AG upped their price objective on Best Buy from $32.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, August 24th. Bank of America Corp. reaffirmed a “sell” rating and issued a $29.00 price objective on shares of Best Buy in a research note on Wednesday, August 24th. Finally, Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Best Buy in a research note on Thursday, June 23rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Best Buy presently has an average rating of “Hold” and a consensus price target of $37.69.
Best Buy (NYSE:BBY) opened at 37.98 on Monday. The firm has a 50-day moving average price of $37.52 and a 200-day moving average price of $33.25. The stock has a market capitalization of $12.05 billion, a PE ratio of 12.36 and a beta of 1.47. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The firm earned $8.53 billion during the quarter, compared to analyst estimates of $8.40 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 earnings per share. Equities research analysts predict that Best Buy will post $3.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.95%. Best Buy’s payout ratio is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the sale, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.21% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Mizuho Asset Management Co. Ltd. increased its stake in shares of Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock valued at $114,000 after buying an additional 1,866 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares during the last quarter. Global X Management Co. LLC increased its stake in shares of Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock valued at $165,000 after buying an additional 3,029 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Best Buy by 2,685.2% in the second quarter. Loomis Sayles & Co. L P now owns 5,821 shares of the technology retailer’s stock valued at $178,000 after buying an additional 5,612 shares during the last quarter. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Best Buy during the second quarter valued at $211,000. Hedge funds and other institutional investors own 87.63% of the company’s stock.
Best Buy 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 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.
To view Vetr’s full report, visit Vetr’s official website.
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