Best Buy Co Inc (NYSE:BBY) Given Average Recommendation of “Hold” by Brokerages

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Shares of Best Buy Co Inc (NYSE:BBY) have been assigned a consensus rating of “Hold” from the twenty-four analysts that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $82.28.

A number of equities research analysts have commented on BBY shares. Royal Bank of Canada upgraded Best Buy to a “buy” rating and raised their price objective for the stock from $74.00 to $86.00 in a research report on Wednesday, November 27th. Morgan Stanley upped their target price on Best Buy from $70.00 to $77.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. Bank of America set a $75.00 price target on shares of Best Buy and gave the stock a “hold” rating in a research report on Monday, August 26th. Wedbush restated a “hold” rating and set a $76.00 price target on shares of Best Buy in a report on Tuesday, November 26th. Finally, Barclays raised shares of Best Buy to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research report on Wednesday, November 27th.

In other Best Buy news, CAO Mathew Watson sold 1,000 shares of Best Buy stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rajendra M. Mohan sold 27,446 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $80.61, for a total transaction of $2,212,422.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,513,964 shares of company stock worth $196,498,732. Insiders own 0.95% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its position in Best Buy by 15.2% during the second quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock worth $87,262,000 after buying an additional 165,350 shares during the last quarter. Candriam Luxembourg S.C.A. increased its holdings in shares of Best Buy by 93.1% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 100,371 shares of the technology retailer’s stock valued at $6,968,000 after acquiring an additional 48,389 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Best Buy by 4.4% during the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after acquiring an additional 772,762 shares during the last quarter. Hammer Asset Management LLC bought a new position in shares of Best Buy in the 2nd quarter valued at approximately $1,388,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of Best Buy by 7.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,242 shares of the technology retailer’s stock valued at $1,258,000 after acquiring an additional 1,209 shares in the last quarter. Institutional investors and hedge funds own 76.27% of the company’s stock.

Shares of BBY traded up $0.95 during mid-day trading on Friday, reaching $83.83. The company’s stock had a trading volume of 2,319,504 shares, compared to its average volume of 2,926,161. The business has a fifty day moving average of $76.52 and a 200 day moving average of $70.45. The company has a market cap of $21.63 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 1.59 and a beta of 1.14. Best Buy has a 1 year low of $47.72 and a 1 year high of $84.06. The company has a quick ratio of 0.27, a current ratio of 1.05 and a debt-to-equity ratio of 1.10.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.10. The business had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.71 billion. Best Buy had a return on equity of 49.43% and a net margin of 3.54%. Best Buy’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 earnings per share. On average, analysts predict that Best Buy will post 5.92 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.50 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. Best Buy’s dividend payout ratio is currently 37.59%.

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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