Vetr Inc. Downgrades Best Buy Co. (BBY) to Hold
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 presently have a $41.40 target price on the technology retailer’s stock. Vetr‘s price target points to a potential upside of 3.94% from the company’s previous close.
A number of other research firms also recently issued reports on BBY. Bank of America Corp. restated a “buy” rating on shares of Best Buy in a report on Thursday, June 23rd. SunTrust Banks Inc. boosted their target price on shares of Best Buy from $39.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, August 24th. 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 report on Wednesday, August 24th. Longbow Research started coverage on shares of Best Buy in a report on Thursday, June 16th. They issued a “neutral” rating for the company. Finally, Morgan Stanley restated a “buy” rating and issued a $28.00 target price on shares of Best Buy in a report on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned 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 midday trading on Thursday, hitting $39.83. 6,619,945 shares of the stock were exchanged. The stock has a 50 day moving average price of $38.29 and a 200-day moving average price of $33.58. The company has a market cap of $12.64 billion, a PE 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 released its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $8.40 billion. During the same period in the previous year, the firm earned $0.49 earnings per share. Best Buy’s revenue was up .1% compared to the same quarter last year. On average, analysts predict that Best Buy will post $3.05 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th were given a $0.28 dividend. The ex-dividend date was Friday, September 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. Best Buy’s dividend payout ratio is presently 36.48%.
In related news, VP Mathew Watson sold 1,030 shares of the stock in a transaction dated Thursday, August 25th. The shares were 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 owns 18,876 shares in the company, valued at approximately $744,658.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.21% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Best Buy during the first quarter worth about $76,085,000. Investec Asset Management LTD raised its position 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 worth $60,634,000 after buying an additional 1,823,439 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position 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 worth $116,715,000 after buying an additional 1,095,720 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position 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 worth $35,926,000 after buying an additional 865,211 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in shares of Best Buy during the second quarter worth about $16,404,000. Hedge funds and other institutional investors own 87.63% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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