Best Buy Co Inc (BBY) Stock Rating Reaffirmed by Barclays PLC
Best Buy Co Inc (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by equities researchers at Barclays PLC in a research report issued to clients and investors on Friday. They presently have a $65.00 price objective on the technology retailer’s stock. Barclays PLC’s price objective would indicate a potential upside of 10.23% from the company’s previous close.
Several other brokerages have also recently commented on BBY. Loop Capital reiterated a “buy” rating and issued a $58.00 target price on shares of Best Buy Co in a report on Tuesday, April 4th. Telsey Advisory Group upped their target price on Best Buy Co from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Friday. Jefferies Group LLC reiterated a “buy” rating and issued a $43.00 target price on shares of Best Buy Co in a report on Thursday, March 2nd. Wedbush set a $25.00 price target on Best Buy Co and gave the stock a “sell” rating in a report on Saturday, February 25th. Finally, Vetr cut Best Buy Co from a “hold” rating to a “sell” rating and set a $44.50 price target on the stock. in a report on Monday, March 27th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $46.85.
Shares of Best Buy Co (NYSE:BBY) traded down 3.72% during mid-day trading on Friday, reaching $58.97. 14,891,309 shares of the company’s stock traded hands. Best Buy Co has a 12 month low of $28.76 and a 12 month high of $61.95. The company has a 50 day moving average of $50.95 and a 200 day moving average of $46.40. The company has a market cap of $18.23 billion, a price-to-earnings ratio of 15.50 and a beta of 1.59. Best Buy Co also was the target of some unusual options trading on Wednesday. Investors bought 632 call options on the stock. This represents an increase of 177% compared to the average volume of 228 call options.
Best Buy Co (NYSE:BBY) last announced its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. Best Buy Co had a return on equity of 24.18% and a net margin of 2.78%. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. Analysts expect that Best Buy Co will post $3.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $1.36 annualized dividend and a dividend yield of 2.31%. Best Buy Co’s payout ratio is 33.73%.
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In other news, insider Patricia H. Walker sold 7,447 shares of the stock in a transaction on Monday, April 24th. The stock was sold at an average price of $51.02, for a total transaction of $379,945.94. Following the completion of the transaction, the insider now owns 34,096 shares in the company, valued at approximately $1,739,577.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mathew Watson sold 758 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total value of $39,279.56. Following the transaction, the vice president now owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The disclosure for this sale can be found here. Insiders have sold a total of 415,787 shares of company stock valued at $19,856,989 in the last quarter. 1.21% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cleararc Capital Inc. increased its position in Best Buy Co by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock valued at $327,000 after buying an additional 18 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in Best Buy Co by 0.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,186 shares of the technology retailer’s stock valued at $477,000 after buying an additional 90 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Best Buy Co by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 17,173 shares of the technology retailer’s stock valued at $844,000 after buying an additional 106 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its position in Best Buy Co by 2.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,538 shares of the technology retailer’s stock valued at $346,000 after buying an additional 175 shares during the last quarter. Finally, Intrust Bank NA increased its position in Best Buy Co by 4.5% in the first quarter. Intrust Bank NA now owns 4,998 shares of the technology retailer’s stock valued at $246,000 after buying an additional 216 shares during the last quarter. Institutional investors own 86.57% of the company’s stock.
Best Buy Co 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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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