Best Buy Co. Price Target Increased to $50.00 by Analysts at Barclays Capital (BBY)
Analysts at Barclays Capital boosted their price target on shares of Best Buy Co. (NYSE:BBY) from $38.00 to $50.00 in a research report issued to clients and investors on Monday, Analyst Ratings.Net reports. The firm currently has an “overweight” rating on the stock. Barclays Capital’s price target indicates a potential upside of 28.57% from the stock’s previous close.
Best Buy Co. (NYSE:BBY) traded up 1.54% during mid-day trading on Monday, hitting $38.89. 5,605,651 shares of the company’s stock traded hands. Best Buy Co. has a 1-year low of $11.20 and a 1-year high of $39.28. The stock’s 50-day moving average is $34.86 and its 200-day moving average is $28.07. The company’s market cap is $13.281 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter 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 Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Tuesday, September 17th. Separately, analysts at Bank of America Corp. reiterated a “hold” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Friday, September 13th. They now have a $38.00 price target on the stock. Finally, 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, September 13th. They now have a “buy” rating on the stock.
Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $38.78.
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 1.75%. 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 stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $37.39, for a total transaction 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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