Favorable Media Coverage Likely to Impact Best Buy Co. (BBY) Stock Price

Media stories about Best Buy Co. (NYSE:BBY) have been trending positive this week, Accern Sentiment Analysis reports. Accern identifies positive and negative news coverage by reviewing more than twenty million blog and news sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being the most favorable. Best Buy Co. earned a daily sentiment score of 0.49 on Accern’s scale. Accern also gave news coverage about the technology retailer an impact score of 77 out of 100, indicating that recent news coverage is likely to have an effect on the company’s share price in the near future.

Here are some of the media stories that may have impacted Accern Sentiment’s analysis:

Insider Buying and Selling by Quarter for Best Buy Co. (NYSE:BBY)

A number of analysts have recently issued reports on the stock. Deutsche Bank AG reissued a “buy” rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Monday, June 5th. Loop Capital reiterated a “buy” rating and issued a $72.00 target price (up from $64.00) on shares of Best Buy Co. in a report on Monday, June 5th. ValuEngine upgraded shares of Best Buy Co. from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Citigroup Inc. upgraded shares of Best Buy Co. from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $53.00 to $62.00 in a report on Tuesday, May 30th. Finally, Morgan Stanley upgraded shares of Best Buy Co. from an “equal weight” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $60.00 in a report on Tuesday, May 30th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Best Buy Co. presently has a consensus rating of “Buy” and an average price target of $54.14.

Best Buy Co. (NYSE:BBY) last posted 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. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. Best Buy Co.’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.34 per share. The ex-dividend date is Tuesday, June 13th. This represents a $1.36 dividend on an annualized basis and a yield of 2.47%. Best Buy Co.’s payout ratio is 36.46%.

In other Best Buy Co. news, insider Asheesh Saksena sold 22,255 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 82,440 shares in the company, valued at $4,588,610.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mathew Watson sold 14,568 shares of the business’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $60.43, for a total value of $880,344.24. Following the sale, the vice president now owns 21,872 shares in the company, valued at $1,321,724.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,699 shares of company stock worth $22,860,893. 1.21% of the stock is owned by company insiders.

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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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “BBY”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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