Vetr upgraded shares of Best Buy Co. (NYSE:BBY) from a hold rating to a buy rating in a research report sent to investors on Monday morning. They currently have $39.59 target price on the technology retailer’s stock.
A number of other equities analysts also recently issued reports on the company. Citigroup Inc. upped their price target on Best Buy from $32.00 to $40.00 and gave the stock a neutral rating in a research report on Wednesday, August 24th. BTIG Research reaffirmed a buy rating on shares of Best Buy in a research report on Tuesday, August 2nd. Deutsche Bank AG upped their price target on Best Buy from $32.00 to $41.00 and gave the stock a hold rating in a research report on Wednesday, August 24th. Bank of America Corp. reaffirmed a sell rating and set a $29.00 price target on shares of Best Buy in a research report on Wednesday, August 24th. Finally, Piper Jaffray Cos. reaffirmed a buy rating and set a $31.00 price target on shares of Best Buy in a research report on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $37.27.
Shares of Best Buy (NYSE:BBY) opened at 37.41 on Monday. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 12.17 and a beta of 1.44. The firm has a 50 day moving average price of $37.22 and a 200 day moving average price of $33.12.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 23rd. The technology retailer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The company earned $8.53 billion during the quarter, compared to the consensus estimate of $8.40 billion. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. Best Buy’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Equities analysts forecast that Best Buy will post $3.05 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, September 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.99%. Best Buy’s payout ratio is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the completion of the sale, the vice president now owns 18,876 shares in the company, valued at approximately $744,658.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.21% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of Best Buy during the first quarter worth about $76,085,000. BlueMountain Capital Management LLC boosted its position in Best Buy by 22.3% in the first quarter. BlueMountain Capital Management LLC now owns 2,250,517 shares of the technology retailer’s stock worth $73,007,000 after buying an additional 411,059 shares during the last quarter. Legal & General Group Plc boosted its position in Best Buy by 0.7% in the first quarter. Legal & General Group Plc now owns 1,497,028 shares of the technology retailer’s stock worth $48,571,000 after buying an additional 10,100 shares during the last quarter. Jensen Investment Management Inc. boosted its position in Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock worth $389,000 after buying an additional 440 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in Best Buy by 1.6% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 241,476 shares of the technology retailer’s stock worth $7,389,000 after buying an additional 3,758 shares during the last quarter. Institutional investors and hedge funds own 87.63% of the company’s stock.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
To view Vetr’s full report, visit Vetr’s official website.
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