Best Buy Co Inc (NYSE:BBY) Given Consensus Recommendation of “Buy” by Analysts
Shares of Best Buy Co Inc (NYSE:BBY) have been given an average recommendation of “Buy” by the twenty-seven brokerages that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and twenty-one have issued a buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $56.76.
Several analysts have recently commented on the stock. UBS AG reissued a “buy” rating and set a $51.00 price target (up from $47.00) on shares of Best Buy Co in a research note on Wednesday, May 24th. Bank of America Corporation reissued a “buy” rating and set a $68.00 price target (up from $58.00) on shares of Best Buy Co in a research note on Sunday, May 28th. ValuEngine cut shares of Best Buy Co from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Loop Capital raised shares of Best Buy Co from a “sell” rating to a “hold” rating and decreased their price target for the company from $37.00 to $35.00 in a research note on Monday, May 15th. Finally, Wedbush reissued an “underperform” rating and set a $29.00 price target on shares of Best Buy Co in a research note on Monday, May 22nd.
Best Buy Co (NYSE BBY) opened at 61.76 on Tuesday. Best Buy Co has a 52 week low of $32.02 and a 52 week high of $61.95. The firm has a market capitalization of $18.83 billion, a P/E ratio of 16.62 and a beta of 1.45. The firm has a 50-day moving average price of $56.16 and a 200-day moving average price of $50.53. Best Buy Co also was the recipient of unusually large options trading activity on Monday. Stock investors acquired 993 call options on the stock. This is an increase of 163% compared to the average volume of 378 call options.
Best Buy Co (NYSE:BBY) last released its quarterly 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 net margin of 2.20% and a return on equity of 16.38%. 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 firm earned $0.44 earnings per share. Best Buy Co’s revenue was up 1.0% compared to the same quarter last year. Equities analysts forecast that Best Buy Co will post $3.89 EPS for the current year.
In other news, General Counsel Keith J. Nelsen sold 55,153 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total value of $3,254,578.53. Following the completion of the transaction, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Mathew Watson sold 503 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $59.00, for a total transaction of $29,677.00. Following the completion of the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at $930,253. The disclosure for this sale can be found here. Insiders sold a total of 121,917 shares of company stock valued at $7,107,375 in the last quarter. Corporate insiders own 0.84% of the company’s stock.
Several institutional investors have recently modified their holdings of BBY. Independence Advisors LLC purchased a new position in shares of Best Buy Co during the second quarter valued at approximately $284,000. Huntington National Bank boosted its position in Best Buy Co by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after buying an additional 318 shares in the last quarter. Exane Derivatives boosted its position in Best Buy Co by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after buying an additional 1,010 shares in the last quarter. Advisory Services Network LLC bought a new position in Best Buy Co during the first quarter worth about $134,000. Finally, Heritage Trust Co bought a new position in Best Buy Co during the first quarter worth about $137,000. Institutional investors own 94.06% 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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