Best Buy Co. (BBY) Stock Rating Lowered by Vetr Inc.
Best Buy Co. (NYSE:BBY) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued on Monday. They presently have a $39.59 target price on the technology retailer’s stock. Vetr‘s price target points to a potential upside of 1.77% from the company’s current price.
Other research analysts also recently issued research reports about the stock. Deutsche Bank AG reiterated a “buy” rating and set a $32.00 target price on shares of Best Buy in a research report on Tuesday, June 28th. Longbow Research began coverage on shares of Best Buy in a research report on Thursday, June 16th. They set a “neutral” rating on the stock. Raymond James Financial Inc. boosted their target price on shares of Best Buy from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, August 24th. Jefferies Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and dropped their target price for the company from $39.00 to $36.00 in a research report on Monday, August 15th. Finally, Barclays PLC reiterated a “buy” rating and set a $45.00 target price on shares of Best Buy in a research report on Thursday, June 23rd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $37.69.
Shares of Best Buy (NYSE:BBY) traded up 1.89% during mid-day trading on Monday, reaching $38.90. 6,886,269 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $37.92 and its 200 day moving average price is $33.37. The company has a market cap of $12.34 billion, a PE ratio of 12.66 and a beta of 1.47. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/best-buy-co-bby-stock-rating-lowered-by-vetr-inc.html
Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter in the previous year, the company earned $0.49 EPS. Best Buy’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities research analysts predict that Best Buy will post $3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. Best Buy’s dividend payout ratio (DPR) is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total transaction of $40,633.50. Following the transaction, the vice president now owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.21% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in BBY. Rafferty Asset Management LLC increased its position in Best Buy by 80.9% in the first quarter. Rafferty Asset Management LLC now owns 15,529 shares of the technology retailer’s stock valued at $504,000 after buying an additional 6,947 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in Best Buy during the first quarter valued at $675,000. Canada Pension Plan Investment Board increased its position in Best Buy by 230.0% in the first quarter. Canada Pension Plan Investment Board now owns 166,000 shares of the technology retailer’s stock valued at $5,385,000 after buying an additional 115,700 shares in the last quarter. Investec Asset Management LTD increased its position in Best Buy by 3,993.6% in the first quarter. Investec Asset Management LTD now owns 1,869,098 shares of the technology retailer’s stock valued at $60,634,000 after buying an additional 1,823,439 shares in the last quarter. Finally, M&T Bank Corp increased its position in Best Buy by 9.5% in the first quarter. M&T Bank Corp now owns 17,697 shares of the technology retailer’s stock valued at $573,000 after buying an additional 1,530 shares in the last quarter. 87.63% of the stock is currently owned by hedge funds and other institutional investors.
Best Buy Company Profile
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Best Buy Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy Co. and related companies with MarketBeat.com's FREE daily email newsletter.