Best Buy Co. Stock Rating Reaffirmed by Bank of America Corp. (BBY)
Best Buy Co. (NYSE:BBY)‘s stock had its “hold” rating reiterated by Bank of America Corp. in a research note issued on Friday, Analyst Ratings Network reports. They currently have a $38.00 price objective on the stock. Bank of America Corp.’s price objective suggests a potential upside of 0.98% from the stock’s previous close.
Shares of Best Buy Co. (NYSE:BBY) traded up 1.73% on Friday, hitting $38.28. 4,482,891 shares of the company’s stock traded hands. Best Buy Co. has a one year low of $11.20 and a one year high of $38.56. The stock’s 50-day moving average is $33.58 and its 200-day moving average is $27.29. 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 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.26 earnings per share. Best Buy Co.’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at BB&T Corp. raised their price target on shares of Best Buy Co. (NYSE:BBY) from $42.00 to $45.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, 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. 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 analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the stock. Best Buy Co. presently has a consensus rating of “Buy” and an average target price of $38.11.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, September 6th.
In other Best Buy Co. news, Chairman Richard M. Schulze sold 462,337 shares of Best Buy Co. 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 filing with the SEC, which can be accessed through 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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