Best Buy (NYSE:BBY) Research Coverage Started at Goldman Sachs Group

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Goldman Sachs Group started coverage on shares of Best Buy (NYSE:BBY) in a research note published on Thursday, 24/7 WallStreet reports. The brokerage issued a neutral rating and a $73.00 target price on the technology retailer’s stock.

A number of other equities research analysts have also recently commented on the stock. Cleveland Research reissued a neutral rating on shares of Best Buy in a research note on Tuesday, June 18th. Guggenheim began coverage on shares of Best Buy in a research note on Monday, July 8th. They issued a buy rating and a $80.00 price objective on the stock. Wedbush set a $79.00 price objective on shares of Aimmune Therapeutics and gave the company a buy rating in a research note on Friday, May 24th. Oppenheimer set a $22.00 price objective on shares of Par Pacific and gave the company a buy rating in a research note on Monday, March 25th. Finally, Jefferies Financial Group lowered shares of MACOM Technology Solutions from a buy rating to a hold rating and reduced their target price for the company from $18.00 to $15.00 in a report on Wednesday, April 24th. Thirteen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Best Buy presently has a consensus rating of Hold and a consensus price target of $77.67.

Shares of NYSE BBY opened at $74.77 on Thursday. The firm has a market cap of $19.97 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.48 and a beta of 1.07. Best Buy has a 52 week low of $47.72 and a 52 week high of $84.37. The company has a 50-day simple moving average of $67.41. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.82 EPS. On average, analysts predict that Best Buy will post 5.74 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Thursday, June 13th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Wednesday, June 12th. Best Buy’s payout ratio is 37.59%.

In related news, major shareholder Richard M. Schulze sold 418,812 shares of Best Buy stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $72.06, for a total transaction of $30,179,592.72. Following the sale, the insider now directly owns 1,732,500 shares in the company, valued at $124,843,950. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd G. Hartman sold 9,008 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $72.01, for a total transaction of $648,666.08. Following the sale, the insider now owns 33,974 shares in the company, valued at $2,446,467.74. The disclosure for this sale can be found here. Insiders sold 1,642,656 shares of company stock worth $114,057,554 over the last quarter. 0.95% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Best Buy during the first quarter valued at about $34,000. Braun Bostich & Associates Inc. bought a new stake in shares of Best Buy during the first quarter valued at about $40,000. PRW Wealth Management LLC bought a new stake in shares of Best Buy during the fourth quarter valued at about $33,000. Semmax Financial Advisors Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at about $33,000. Finally, Alpha Omega Wealth Management LLC raised its stake in shares of Best Buy by 28.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 768 shares of the technology retailer’s stock valued at $55,000 after purchasing an additional 168 shares in the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

Best Buy Company Profile

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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