Zacks Investment Research upgraded shares of Best Buy Co., Inc. (NYSE:BBY) from a hold rating to a buy rating in a research report sent to investors on Monday. They currently have $62.00 price target on the technology retailer’s stock.
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. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”
Several other equities analysts have also issued reports on the stock. Barclays PLC reaffirmed a buy rating and issued a $65.00 price target on shares of Best Buy Co. in a report on Monday, August 28th. Deutsche Bank AG reissued a buy rating and set a $58.00 price objective (down from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. BidaskClub raised shares of Best Buy Co. from a hold rating to a buy rating in a report on Wednesday, August 2nd. Jefferies Group LLC restated a hold rating and set a $60.00 target price on shares of Best Buy Co. in a research report on Tuesday, August 22nd. Finally, Loop Capital restated a buy rating and set a $72.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 16th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Best Buy Co. currently has a consensus rating of Buy and a consensus price target of $58.97.
Best Buy Co. (NYSE:BBY) opened at 55.46 on Monday. The company has a market cap of $16.59 billion, a price-to-earnings ratio of 14.68 and a beta of 1.51. The firm’s 50-day moving average price is $55.98 and its 200-day moving average price is $55.47. Best Buy Co. has a 52-week low of $37.10 and a 52-week high of $63.32.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that Best Buy Co. will post $4.06 EPS for the current year.
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The business also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.45%. 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 on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the transaction, the chief executive officer now directly owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Corie S. Barry sold 787 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the transaction, the chief financial officer now directly owns 54,159 shares in the company, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Managed Accounts LLC raised its holdings 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 acquiring an additional 2,011 shares in the last quarter. Huntington National Bank raised its holdings in shares of Best Buy Co. by 18.4% during the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after purchasing an additional 318 shares during the period. Exane Derivatives raised its holdings in shares of Best Buy Co. by 65.5% during the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after purchasing an additional 1,010 shares during the period. Harbour Capital Advisors LLC acquired a new stake in shares of Best Buy Co. during the first quarter worth $147,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Best Buy Co. by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after purchasing an additional 163 shares during the period. 88.07% of the stock is currently owned by institutional investors and hedge funds.
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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