Best Buy Co. (BBY) Given Buy Rating at SunTrust Banks Inc.
Best Buy Co. (NYSE:BBY)‘s stock had its “buy” rating reiterated by research analysts at SunTrust Banks Inc. in a report issued on Wednesday.
Several other research analysts also recently weighed in on BBY. Vetr downgraded Best Buy from a “buy” rating to a “hold” rating and set a $33.48 target price on the stock. in a research note on Monday, August 8th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Tuesday, July 5th. RBC Capital Markets reiterated a “buy” rating and issued a $42.00 target price (up from $36.00) on shares of Best Buy in a research note on Thursday, August 25th. Longbow Research began coverage on Best Buy in a research note on Thursday, June 16th. They issued a “neutral” rating on the stock. Finally, Piper Jaffray Cos. reiterated a “buy” rating and issued a $31.00 target price on shares of Best Buy in a research note on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $37.69.
Best Buy (NYSE:BBY) traded up 0.25% on Wednesday, reaching $39.87. The company had a trading volume of 4,978,019 shares. The company has a market capitalization of $12.65 billion, a PE ratio of 12.97 and a beta of 1.47. The company’s 50-day moving average is $38.28 and its 200-day moving average 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 announced its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.40 billion. During the same period last year, the business posted $0.49 EPS. The company’s revenue was up .1% on a year-over-year basis. Equities analysts anticipate that Best Buy will post $3.05 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Friday, September 9th. Best Buy’s payout ratio is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the sale, the vice president now owns 18,876 shares of the company’s stock, valued at $744,658.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.21% of the stock is owned by insiders.
Several large investors have recently modified their holdings of BBY. Renaissance Technologies LLC bought a new stake in shares of Best Buy during the first quarter valued at $76,085,000. Investec Asset Management LTD increased its stake in shares of 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 during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Best Buy by 40.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,814,209 shares of the technology retailer’s stock valued at $116,715,000 after buying an additional 1,095,720 shares during the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Best Buy by 200.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,296,280 shares of the technology retailer’s stock valued at $35,926,000 after buying an additional 865,211 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Best Buy during the second quarter valued at $16,404,000. 87.63% of the stock is owned by institutional investors.
About Best Buy
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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