Credit Suisse Group AG Reiterates “Buy” Rating for Best Buy Co Inc (BBY)
Best Buy Co Inc (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by analysts at Credit Suisse Group AG in a research note issued to investors on Sunday. They presently have a $60.00 price objective on the technology retailer’s stock, up from their prior price objective of $47.00. Credit Suisse Group AG’s target price would indicate a potential upside of 1.75% from the company’s previous close.
A number of other equities analysts have also commented on BBY. Barclays PLC reaffirmed a “buy” rating and set a $65.00 target price on shares of Best Buy Co in a research report on Friday. Loop Capital reaffirmed a “buy” rating and set a $64.00 target price (up from $58.00) on shares of Best Buy Co in a research report on Sunday. Wedbush reaffirmed an “underperform” rating and set a $29.00 target price on shares of Best Buy Co in a research report on Monday, May 22nd. Jefferies Group LLC raised their target price on shares of Best Buy Co from $43.00 to $51.00 and gave the stock a “hold – buy” rating in a research report on Thursday. Finally, ValuEngine lowered shares of Best Buy Co from a “buy” rating to a “hold” rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $50.25.
Best Buy Co (NYSE:BBY) traded down 3.72% during mid-day trading on Friday, reaching $58.97. The company’s stock had a trading volume of 14,895,686 shares. The firm’s 50 day moving average is $51.17 and its 200-day moving average is $46.49. The stock has a market cap of $18.23 billion, a P/E ratio of 15.86 and a beta of 1.59. Best Buy Co has a one year low of $28.76 and a one year high of $61.95.
Best Buy Co (NYSE:BBY) last issued its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co had a net margin of 2.78% and a return on equity of 24.18%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. Equities analysts expect that Best Buy Co will post $3.77 earnings per share for the current fiscal year.
The business also recently disclosed 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 currently 33.73%.
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In other news, VP Mathew Watson sold 1,000 shares of Best Buy Co stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $44.59, for a total transaction of $44,590.00. Following the completion of the sale, the vice president now directly owns 16,320 shares in the company, valued at $727,708.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shari L. Ballard sold 189,746 shares of Best Buy Co stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $48.57, for a total transaction of $9,215,963.22. Following the sale, the insider now owns 161,364 shares of the company’s stock, valued at $7,837,449.48. The disclosure for this sale can be found here. Insiders have sold 415,787 shares of company stock valued at $19,856,989 over the last quarter. Insiders own 1.21% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its position in shares of Best Buy Co by 4.9% in the first quarter. Public Employees Retirement System of Ohio now owns 128,120 shares of the technology retailer’s stock valued at $6,297,000 after buying an additional 6,004 shares during the period. Ibex Wealth Advisors acquired a new position in shares of Best Buy Co during the first quarter valued at about $2,028,000. Achmea Investment Management B.V. acquired a new position in shares of Best Buy Co during the first quarter valued at about $5,844,000. Bank of Nova Scotia boosted its position in shares of Best Buy Co by 1,281.4% in the first quarter. Bank of Nova Scotia now owns 705,817 shares of the technology retailer’s stock valued at $34,690,000 after buying an additional 654,722 shares during the period. Finally, Financial Advisors Network Inc. boosted its position in shares of Best Buy Co by 3.1% in the first quarter. Financial Advisors Network Inc. now owns 7,378 shares of the technology retailer’s stock valued at $377,000 after buying an additional 221 shares during the period. 86.57% of the stock is owned by hedge funds and other institutional investors.
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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