Deutsche Bank AG Reaffirms “Buy” Rating for Best Buy Co., Inc. (BBY)
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by investment analysts at Deutsche Bank AG in a research note issued on Thursday. They presently have a $58.00 price objective on the technology retailer’s stock. Deutsche Bank AG’s target price suggests a potential downside of 1.02% from the stock’s current price.
A number of other equities analysts also recently weighed in on BBY. Wedbush reaffirmed an “underperform” rating and set a $29.00 price target on shares of Best Buy Co. in a research note on Monday, May 22nd. UBS AG reaffirmed a “buy” rating and set a $51.00 price target (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Jefferies Group LLC increased their price target on shares of Best Buy Co. from $43.00 to $51.00 and gave the stock a “hold – buy” rating in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Finally, Telsey Advisory Group increased their price target on shares of Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $58.92.
Shares of Best Buy Co. (NYSE:BBY) traded down 0.790% during mid-day trading on Thursday, reaching $58.137. The company’s stock had a trading volume of 892,353 shares. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of 15.384 and a beta of 1.48. Best Buy Co. has a 1-year low of $37.10 and a 1-year high of $63.32. The firm’s 50 day moving average price is $58.59 and its 200-day moving average price is $53.49.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 earnings per share. On average, analysts predict that Best Buy Co. will post $4.05 EPS for the current year.
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In other Best Buy Co. news, CEO Hubert Joly sold 14,734 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $882,861.28. Following the completion of the transaction, the chief executive officer now directly owns 540,694 shares of the company’s stock, valued at approximately $32,398,384.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the transaction, the chief financial officer now directly owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,583 shares of company stock valued at $9,675,219. 1.21% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in BBY. FNY Managed Accounts LLC grew its holdings in Best Buy Co. by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after acquiring an additional 2,011 shares in the last quarter. Huntington National Bank grew its holdings in Best Buy Co. by 18.4% during the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after acquiring an additional 318 shares in the last quarter. Heritage Trust Co acquired a new position in Best Buy Co. during the 1st quarter worth $137,000. TrimTabs Asset Management LLC grew its holdings in Best Buy Co. by 89.1% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after acquiring an additional 1,328 shares in the last quarter. Finally, Exane Derivatives grew its holdings in Best Buy Co. by 65.5% during the 2nd quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after acquiring an additional 1,010 shares in the last quarter. 86.46% of the stock is 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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