Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reiterated by Jefferies Group LLC in a research report issued on Thursday. They presently have a $60.00 target price on the technology retailer’s stock. Jefferies Group LLC’s price target suggests a potential upside of 3.68% from the stock’s previous close.
Several other equities analysts also recently issued reports on BBY. Piper Jaffray Companies raised shares of Best Buy Co. from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $44.85 to $55.00 in a research note on Monday, March 27th. Vetr downgraded shares of Best Buy Co. from a “hold” rating to a “sell” rating and set a $44.50 price objective on the stock. in a research note on Monday, March 27th. Loop Capital reissued a “buy” rating and set a $58.00 price objective on shares of Best Buy Co. in a research note on Tuesday, April 4th. Sanford C. Bernstein reissued a “sell” rating on shares of Best Buy Co. in a research note on Saturday, April 8th. Finally, Deutsche Bank AG raised shares of Best Buy Co. from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Tuesday, April 11th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and nineteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $54.97.
Shares of Best Buy Co. (BBY) opened at 57.87 on Thursday. The stock’s 50 day moving average is $55.81 and its 200-day moving average is $48.72. Best Buy Co. has a one year low of $30.69 and a one year high of $61.95. The firm has a market cap of $17.65 billion, a P/E ratio of 15.57 and a beta of 1.44.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Analysts anticipate that Best Buy Co. will post $3.90 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Investors of record on Thursday, June 15th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Tuesday, June 13th. Best Buy Co.’s payout ratio is 36.46%.
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In related news, insider Patricia H. Walker sold 7,447 shares of the firm’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $51.02, for a total transaction of $379,945.94. Following the completion of the sale, the insider now directly owns 34,096 shares of the company’s stock, valued at approximately $1,739,577.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Mathew Watson sold 758 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total transaction of $39,279.56. Following the sale, the vice president now directly owns 19,172 shares of the company’s stock, valued at $993,493.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,364 shares of company stock valued at $7,487,321. Company insiders own 1.21% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after buying an additional 1,241,888 shares during the last quarter. BlackRock Inc. raised its stake in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Best Buy Co. by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 14,724,133 shares of the technology retailer’s stock worth $723,692,000 after buying an additional 898,300 shares during the last quarter. State Street Corp raised its stake in Best Buy Co. by 1.9% in the first quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock worth $673,407,000 after buying an additional 250,469 shares during the last quarter. Finally, American International Group Inc. raised its stake in Best Buy Co. by 1.3% in the first quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock worth $533,116,000 after buying an additional 142,042 shares during the last quarter. 93.96% of the stock is owned by institutional investors and hedge funds.
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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