Best Buy Co., Inc. (BBY) Receives Hold Rating from Jefferies Group LLC
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “hold” rating reaffirmed by research analysts at Jefferies Group LLC in a research report issued on Tuesday. They presently have a $60.45 target price on the technology retailer’s stock, up from their prior target price of $60.00.
A number of other brokerages have also weighed in on BBY. ValuEngine lowered Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Telsey Advisory Group increased their target price on Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, May 26th. Deutsche Bank AG reiterated a “buy” rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Thursday, August 3rd. Loop Capital reiterated a “buy” rating and set a $72.00 target price (up previously from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Finally, BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Four analysts have rated the stock with a sell rating, three have given a hold rating and nineteen have assigned a buy rating to the company’s stock. Best Buy Co. presently has a consensus rating of “Buy” and a consensus price target of $56.79.
Shares of Best Buy Co. (BBY) opened at 60.45 on Tuesday. Best Buy Co. has a 52-week low of $36.51 and a 52-week high of $62.36. The company has a market capitalization of $18.43 billion, a PE ratio of 16.26 and a beta of 1.45. The stock’s 50 day moving average price is $57.77 and its 200-day moving average price is $52.12. Best Buy Co. also saw unusually large options trading on Monday. Investors acquired 993 call options on the company. This represents an increase of approximately 163% compared to the typical daily volume of 378 call options.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. The company had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 earnings per share. On average, analysts expect that Best Buy Co. will post $3.89 earnings per share for the current year.
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In related news, General Counsel Keith J. Nelsen sold 55,153 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the sale, the general counsel now owns 89,306 shares of the company’s stock, valued at approximately $5,269,947.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mathew Watson sold 503 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $59.00, for a total value of $29,677.00. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at approximately $930,253. The disclosure for this sale can be found here. In the last three months, insiders have sold 121,159 shares of company stock worth $7,068,095. 0.84% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in BBY. Macquarie Group Ltd. increased its stake in Best Buy Co. by 106.7% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the technology retailer’s stock valued at $793,000 after buying an additional 9,600 shares during the period. Nisa Investment Advisors LLC increased its stake in Best Buy Co. by 60.1% in the first quarter. Nisa Investment Advisors LLC now owns 105,454 shares of the technology retailer’s stock valued at $5,183,000 after buying an additional 39,569 shares during the period. Dalton Greiner Hartman Maher & Co. increased its stake in Best Buy Co. by 4.3% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 6,078 shares of the technology retailer’s stock valued at $299,000 after buying an additional 248 shares during the period. Candriam Luxembourg S.C.A. increased its stake in Best Buy Co. by 20.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 27,343 shares of the technology retailer’s stock valued at $1,344,000 after buying an additional 4,558 shares during the period. Finally, Nationwide Fund Advisors increased its stake in Best Buy Co. by 51.2% in the first quarter. Nationwide Fund Advisors now owns 396,960 shares of the technology retailer’s stock valued at $19,511,000 after buying an additional 134,488 shares during the period. 92.46% of the stock is currently owned by institutional investors.
About Best Buy Co.
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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