BB&T Corp. Increases Best Buy Co. Price Target to $45.00 (BBY)
Research analysts at BB&T Corp. boosted their target price on shares of Best Buy Co. (NYSE:BBY) from $42.00 to $45.00 in a report released on Friday, American Banking and Market News reports. The firm currently has a “buy” rating on the stock. BB&T Corp.’s price objective suggests a potential upside of 19.59% from the stock’s previous close.
Best Buy Co. (NYSE:BBY) traded up 1.73% during mid-day trading on Friday, hitting $38.28. The stock had a trading volume of 4,482,591 shares. Best Buy Co. has a 1-year low of $11.20 and a 1-year high of $38.00. The stock’s 50-day moving average is $33.34 and its 200-day moving average is $27.14. The company’s market cap is $13.030 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Merrill Lynch upgraded shares of Best Buy Co. (NYSE:BBY) from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, September 4th. Separately, analysts at Bank of America Corp. upgraded shares of Best Buy Co. (NYSE:BBY) from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, September 4th. They now have a $38.00 price target on the stock, up previously from $11.50. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Tuesday, September 3rd. They now have a $38.00 price target on the stock.
Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Best Buy Co. currently has a consensus rating of “Buy” and a consensus target price of $38.11.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Friday, September 6th.
In other Best Buy Co. news, Chairman Richard M. Schulze sold 462,337 shares of the company’s stock on the open market in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $37.39, for a total value of $17,286,780.43. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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