Best Buy Co. (BBY) Rating Lowered to Hold at Vetr Inc.
Best Buy Co. (NYSE:BBY) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued on Thursday. They currently have a $41.40 target price on the technology retailer’s stock. Vetr‘s price objective would indicate a potential upside of 3.94% from the stock’s previous close.
Several other research firms also recently commented on BBY. Bank of America Corp. reaffirmed a “buy” rating on shares of Best Buy in a research note on Thursday, June 23rd. SunTrust Banks Inc. raised their price objective on Best Buy from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, August 24th. Raymond James Financial Inc. raised their price objective on Best Buy from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, August 24th. Longbow Research initiated coverage on Best Buy in a research note on Thursday, June 16th. They issued a “neutral” rating on the stock. Finally, Morgan Stanley reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Best Buy in a research note on Wednesday, July 6th. Three 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 has an average rating of “Hold” and an average price target of $37.78.
Shares of Best Buy (NYSE:BBY) traded up 0.15% during mid-day trading on Thursday, reaching $39.83. The company’s stock had a trading volume of 6,619,945 shares. The company’s 50-day moving average price is $38.29 and its 200-day moving average price is $33.58. The stock has a market capitalization of $12.64 billion, a P/E ratio of 12.96 and a beta of 1.47. Best Buy has a 12-month low of $25.31 and a 12-month 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 (EPS) for the quarter, topping 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 business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.40 billion. During the same period last year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts forecast that Best Buy will post $3.05 earnings per share for the current fiscal year.
The business also recently declared 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 2.81%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s payout ratio is 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 stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the transaction, the vice president now directly 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 available at this hyperlink. 1.21% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. raised its position 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. raised its position 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 raised its position 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 raised its position 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 position in shares of Best Buy during the second quarter valued at about $211,000. 87.63% of the stock is 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.
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