Deutsche Bank AG reissued their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a report published on Thursday. The firm currently has a $58.00 price target on the technology retailer’s stock.
Other analysts also recently issued reports about the company. BidaskClub upgraded Best Buy Co. from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 target price on Best Buy Co. and gave the stock a buy rating in a research report on Saturday, July 22nd. Bank of America Corporation reiterated a buy rating and set a $68.00 target price (up from $58.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. Loop Capital reiterated a buy rating and set a $72.00 target price on shares of Best Buy Co. in a research report on Monday, July 10th. Finally, Telsey Advisory Group lifted their target price on Best Buy Co. from $53.00 to $66.00 and gave the stock an outperform rating in a research report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Best Buy Co. currently has a consensus rating of Buy and an average price target of $58.92.
Shares of Best Buy Co. (NYSE BBY) opened at 58.61 on Thursday. The company’s 50-day moving average is $58.80 and its 200-day moving average is $53.65. Best Buy Co. has a 12-month low of $37.10 and a 12-month high of $63.32. The company has a market capitalization of $17.54 billion, a price-to-earnings ratio of 15.51 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. Analysts predict that Best Buy Co. will post $4.05 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.32%. Best Buy Co.’s payout ratio is 35.88%.
In other news, CEO Hubert Joly sold 106,942 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the sale, the chief executive officer now owns 645,222 shares in the company, valued at $35,280,738.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $47,157.04. Following the sale, the chief financial officer now owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Insiders have sold 152,328 shares of company stock worth $8,436,505 in the last 90 days. Insiders own 0.84% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Independence Advisors LLC purchased a new stake in shares of Best Buy Co. during the second quarter worth about $284,000. FNY Managed Accounts LLC boosted its position in Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after buying an additional 2,011 shares during the last quarter. Huntington National Bank boosted its position in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares during the last quarter. Exane Derivatives boosted its position in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after buying an additional 1,010 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after buying an additional 163 shares during the last quarter. Institutional investors and hedge funds own 88.11% of the company’s stock.
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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