Wedbush Upgrades Best Buy (BBY) to “Neutral”

Wedbush upgraded shares of Best Buy (NYSE:BBY) from an underperform rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports. They currently have $65.00 price objective on the technology retailer’s stock.

A number of other research analysts have also recently issued reports on BBY. Zacks Investment Research raised Best Buy from a hold rating to a strong-buy rating and set a $88.00 price target for the company in a report on Tuesday, July 24th. ValuEngine cut Best Buy from a buy rating to a hold rating in a report on Thursday, August 2nd. Jefferies Financial Group started coverage on Best Buy in a report on Tuesday, August 21st. They issued a hold rating and a $79.00 price target for the company. Wells Fargo & Co reaffirmed a hold rating and issued a $78.00 price target on shares of Best Buy in a report on Tuesday, August 28th. Finally, Telsey Advisory Group lifted their price target on Best Buy from $76.00 to $80.00 and gave the company a market perform rating in a report on Wednesday, August 29th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $77.06.

Best Buy stock opened at $62.55 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.10 and a quick ratio of 0.52. Best Buy has a 12-month low of $56.17 and a 12-month high of $84.37. The stock has a market capitalization of $16.86 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.08. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. The business had revenue of $9.59 billion during the quarter, compared to analysts’ expectations of $9.56 billion. During the same period in the previous year, the business posted $0.78 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, sell-side analysts predict that Best Buy will post 5.18 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, December 11th will be given a $0.45 dividend. The ex-dividend date is Monday, December 10th. This represents a $1.80 dividend on an annualized basis and a yield of 2.88%. Best Buy’s payout ratio is 40.72%.

In related news, SVP Mathew Watson sold 2,131 shares of Best Buy stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total value of $165,962.28. Following the completion of the sale, the senior vice president now directly owns 18,131 shares in the company, valued at $1,412,042.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Keith J. Nelsen sold 33,473 shares of Best Buy stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,711 shares of company stock valued at $6,081,426. Corporate insiders own 0.75% of the company’s stock.

A number of hedge funds have recently made changes to their positions in BBY. LFA Lugano Financial Advisors SA acquired a new position in shares of Best Buy during the 2nd quarter worth about $174,000. Squar Milner Financial Services LLC acquired a new position in shares of Best Buy during the 2nd quarter worth about $201,000. RFG Advisory Group LLC acquired a new position in shares of Best Buy during the 2nd quarter worth about $210,000. People s United Financial Inc. acquired a new position in shares of Best Buy during the 3rd quarter worth about $222,000. Finally, Hilltop Holdings Inc. acquired a new position in shares of Best Buy during the 3rd quarter worth about $225,000. Hedge funds and other institutional investors own 84.91% of the company’s stock.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

Further Reading: Quiet Period

Analyst Recommendations for Best Buy (NYSE:BBY)

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