Zacks Investment Research upgraded shares of Best Buy Co., Inc. (NYSE:BBY) from a sell rating to a hold rating in a report released on Tuesday.
According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns. Further, analyst believes increase in investment may strain margins in the coming quarters.”
A number of other research firms have also weighed in on BBY. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. Barclays PLC reissued a buy rating and issued a $65.00 price objective on shares of Best Buy Co. in a research report on Monday, August 28th. Piper Jaffray Companies reissued a buy rating and issued a $70.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Finally, Jefferies Group LLC reissued a hold rating and issued a $60.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $58.86.
Shares of Best Buy Co. (BBY) opened at $55.83 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.42 and a quick ratio of 0.69. Best Buy Co. has a 1 year low of $41.67 and a 1 year high of $63.32. The firm has a market cap of $16,530.00, a PE ratio of 14.82, a P/E/G ratio of 1.18 and a beta of 1.42.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.78. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. During the same period in the prior year, the company posted $0.60 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. equities research analysts predict that Best Buy Co. will post 4.06 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.44%. Best Buy Co.’s dividend payout ratio (DPR) is 36.07%.
In other Best Buy Co. news, CEO Hubert Joly sold 14,734 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $882,861.28. Following the completion of the sale, the chief executive officer now directly owns 540,694 shares in the company, valued at $32,398,384.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Shari L. Ballard sold 2,246 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Best Buy Co. by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,828,752 shares of the technology retailer’s stock worth $276,833,000 after buying an additional 154,426 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Best Buy Co. by 27.5% during the third quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after buying an additional 866,787 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Best Buy Co. by 762.4% during the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after buying an additional 3,119,700 shares during the period. APG Asset Management N.V. lifted its stake in shares of Best Buy Co. by 27.6% during the third quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after buying an additional 723,500 shares during the period. Finally, LSV Asset Management lifted its stake in shares of Best Buy Co. by 3.5% during the second quarter. LSV Asset Management now owns 2,015,293 shares of the technology retailer’s stock worth $115,536,000 after buying an additional 69,000 shares during the period. Institutional investors and hedge funds own 87.52% of the company’s stock.
Best Buy Co. Company Profile
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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