Best Buy Co Receives Consensus Rating of “Buy” from Brokerages (NYSE:BBY)
Best Buy Co (NYSE:BBY) has earned a consensus rating of “Buy” from the twenty-three brokerages that are currently covering the company, Analyst RN reports. Six analysts have rated the stock with a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $39.07.
BBY has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. They now have a $31.00 price target on the stock. Separately, analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. Finally, analysts at Morgan Stanley initiated coverage on shares of Best Buy Co in a research note on Tuesday, June 24th. They set an “overweight” rating and a $36.00 price target on the stock.
Shares of Best Buy Co (NYSE:BBY) opened at 30.97 on Wednesday. Best Buy Co has a 52-week low of $22.15 and a 52-week high of $44.66. The stock has a 50-day moving average of $28.09 and a 200-day moving average of $28.29. The company has a market cap of $10.802 billion and a price-to-earnings ratio of 10.11. Best Buy Co also saw a significant decline in short interest in June. As of June 13th, there was short interest totalling 27,185,001 shares, a decline of 11.2% from the May 30th total of 30,602,060 shares. Currently, 9.5% of the shares of the company are short sold. Based on an average daily volume of 3,967,660 shares, the short-interest ratio is presently 6.9 days.
Best Buy Co (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 22nd. The company reported $0.33 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.13. The company had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter last year, the company posted $0.36 earnings per share. Best Buy Co’s revenue was down 3.3% compared to the same quarter last year. Analysts expect that Best Buy Co will post $2.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Shareholders of record on Thursday, September 11th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Best Buy Co’s previous quarterly dividend of $0.17.
Best Buy Co, Inc is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.