UBS AG reiterated their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research note published on Wednesday morning, www.flashratings.com reports. UBS AG currently has a $57.00 price objective on the technology retailer’s stock, down from their prior price objective of $60.00.
BBY has been the topic of a number of other reports. Loop Capital reissued a buy rating and issued a $72.00 target price (up from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Barclays PLC reissued a buy rating and issued a $65.00 target price on shares of Best Buy Co. in a research note on Monday, August 28th. Deutsche Bank AG reaffirmed a buy rating and set a $58.00 price objective (down from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Morgan Stanley raised Best Buy Co. from an equal weight rating to a buy rating and increased their price objective for the company from $43.00 to $60.00 in a research report on Tuesday, May 30th. Finally, BidaskClub raised Best Buy Co. from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $58.14.
Best Buy Co. (NYSE BBY) opened at 53.90 on Wednesday. Best Buy Co. has a 52 week low of $37.10 and a 52 week high of $63.32. The firm’s 50-day moving average price is $58.64 and its 200 day moving average price is $53.96. The company has a market capitalization of $16.13 billion, a PE ratio of 14.26 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last released its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts expect that Best Buy Co. will post $4.06 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.52%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is presently 35.88%.
In other news, VP Mathew Watson sold 1,129 shares of Best Buy Co. stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $61,733.72. Following the completion of the transaction, the vice president now owns 17,764 shares in the company, valued at approximately $971,335.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kathleen Scarlett sold 10,797 shares of Best Buy Co. stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total value of $566,734.53. Following the completion of the transaction, the insider now owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 163,125 shares of company stock valued at $9,003,240. Company insiders own 1.21% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC lifted its stake in shares of Best Buy Co. by 23.2% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,292,100 shares of the technology retailer’s stock worth $74,076,000 after acquiring an additional 243,300 shares during the last quarter. Toronto Dominion Bank lifted its stake in shares of Best Buy Co. by 344.4% during the 2nd quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock worth $5,164,000 after acquiring an additional 69,819 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Best Buy Co. by 13.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock worth $8,312,000 after acquiring an additional 16,858 shares during the last quarter. Nomura Holdings Inc. bought a new stake in shares of Best Buy Co. during the 2nd quarter worth approximately $1,164,000. Finally, 361 Capital LLC lifted its stake in shares of Best Buy Co. by 16.4% during the 2nd quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock worth $11,504,000 after acquiring an additional 28,261 shares during the last quarter. Hedge funds and other institutional investors own 88.11% 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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