Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reissued by analysts at UBS AG in a report released on Thursday, August 31st, www.flashratings.com reports. They presently have a $60.00 price target on the technology retailer’s stock, down from their prior price target of $62.00. UBS AG’s price target would suggest a potential upside of 2.79% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Deutsche Bank AG reissued a “buy” rating and issued a $58.00 price target (down from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of Best Buy Co. in a research note on Thursday, August 31st. Loop Capital reaffirmed a “buy” rating and set a $72.00 price objective on shares of Best Buy Co. in a research note on Thursday, August 31st. Zacks Investment Research lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Finally, Royal Bank Of Canada upped their price objective on shares of Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 30th. Three equities 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 given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $58.92.
Best Buy Co. (NYSE BBY) traded down 0.15% during trading on Thursday, reaching $58.29. 498,740 shares of the company’s stock traded hands. The company has a 50 day moving average price of $58.76 and a 200-day moving average price of $53.57. Best Buy Co. has a 12-month low of $37.10 and a 12-month high of $63.32. The company has a market cap of $17.44 billion, a PE ratio of 15.42 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy Co. will post $4.05 EPS for the current fiscal year.
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In other news, insider Shari L. Ballard sold 2,246 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $134,580.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hubert Joly sold 106,942 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $5,847,588.56. Following the completion of the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 152,328 shares of company stock valued at $8,436,505. 1.21% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Cleararc Capital Inc. increased its position in Best Buy Co. by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock worth $327,000 after purchasing an additional 18 shares during the period. Nordea Investment Management AB increased its position in Best Buy Co. by 0.3% in the second quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock worth $860,000 after purchasing an additional 48 shares during the period. Advisor Group Inc. boosted its holdings in Best Buy Co. by 1.2% during the second quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock worth $265,000 after buying an additional 55 shares during the last quarter. CENTRAL TRUST Co boosted its holdings in Best Buy Co. by 1.9% during the second quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock worth $304,000 after buying an additional 100 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Best Buy Co. by 0.6% during the first quarter. Janney Montgomery Scott LLC now owns 17,173 shares of the technology retailer’s stock worth $844,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 86.46% 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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