Best Buy Co. (BBY) Given Buy Rating at SunTrust Banks Inc.
Best Buy Co. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by research analysts at SunTrust Banks Inc. in a research note issued to investors on Wednesday.
Other equities research analysts have also recently issued reports about the stock. Deutsche Bank AG reaffirmed a “buy” rating and issued a $32.00 target price on shares of Best Buy in a research report on Tuesday, June 28th. Longbow Research initiated coverage on shares of Best Buy in a research note on Thursday, June 16th. They issued a “neutral” rating for the company. Barclays PLC reiterated a “buy” rating and issued a $45.00 price target on shares of Best Buy in a research note on Thursday, June 23rd. Vetr lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $31.50 price target for the company. in a research note on Thursday, June 23rd. Finally, Credit Suisse Group AG reiterated a “hold” rating and issued a $31.00 price target on shares of Best Buy in a research note on Thursday, June 23rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $37.69.
Best Buy (NYSE:BBY) traded up 0.4715% on Wednesday, reaching $39.9575. 5,233,831 shares of the company’s stock were exchanged. The company has a market cap of $12.68 billion, a PE ratio of 13.0028 and a beta of 1.47. The firm’s 50 day moving average price is $38.28 and its 200 day moving average price is $33.53. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58.
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Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 EPS for the quarter, topping the Thomson Reuters’ 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 firm earned $8.53 billion during the quarter, compared to analysts’ expectations of $8.40 billion. During the same period last year, the company posted $0.49 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts expect that Best Buy will post $3.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s dividend payout ratio (DPR) is presently 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total value of $40,633.50. Following the transaction, the vice president now owns 18,876 shares of the company’s stock, valued at $744,658.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.21% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in BBY. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock valued at $114,000 after buying an additional 1,866 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares in the last quarter. Global X Management Co. LLC boosted its stake in shares of Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock valued at $165,000 after buying an additional 3,029 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Best Buy by 2,685.2% in the second quarter. Loomis Sayles & Co. L P now owns 5,821 shares of the technology retailer’s stock valued at $178,000 after buying an additional 5,612 shares in the last quarter. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Best Buy during the second quarter valued at $211,000. Institutional investors own 87.63% of the company’s stock.
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.
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