Best Buy Co Inc (NYSE:BBY) – Equities researchers at Wedbush boosted their FY2018 earnings per share (EPS) estimates for shares of Best Buy in a note issued to investors on Monday. Wedbush analyst M. Pachter now expects that the technology retailer will earn $3.97 per share for the year, up from their prior estimate of $3.93. Wedbush currently has a “Sell” rating and a $38.00 target price on the stock. Wedbush also issued estimates for Best Buy’s Q4 2018 earnings at $1.96 EPS.
Several other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Moffett Nathanson assumed coverage on shares of Best Buy in a research report on Monday, December 4th. They set a “sell” rating on the stock. Barclays increased their price objective on shares of Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, January 30th. Loop Capital set a $72.00 price objective on shares of Best Buy and gave the company a “buy” rating in a research report on Thursday, November 16th. Finally, Jefferies Group restated a “hold” rating and set a $60.00 price objective on shares of Best Buy in a research report on Monday, November 13th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $65.25.
In other Best Buy news, major shareholder Richard M. Schulze sold 250,000 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $66.83, for a total transaction of $16,707,500.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $115,782,975. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total transaction of $58,800,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,050,000 shares of company stock valued at $186,303,250. 0.84% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. Strs Ohio increased its stake in shares of Best Buy by 4.9% in the third quarter. Strs Ohio now owns 45,954 shares of the technology retailer’s stock worth $2,617,000 after purchasing an additional 2,166 shares in the last quarter. Aperio Group LLC increased its stake in shares of Best Buy by 23.0% in the third quarter. Aperio Group LLC now owns 203,584 shares of the technology retailer’s stock worth $11,596,000 after purchasing an additional 38,101 shares in the last quarter. Pictet Asset Management Ltd. increased its stake in shares of Best Buy by 6.6% in the third quarter. Pictet Asset Management Ltd. now owns 185,030 shares of the technology retailer’s stock worth $10,539,000 after purchasing an additional 11,400 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Best Buy in the third quarter worth $1,362,000. Finally, Victory Capital Management Inc. increased its stake in shares of Best Buy by 210.5% in the third quarter. Victory Capital Management Inc. now owns 313,476 shares of the technology retailer’s stock worth $17,856,000 after purchasing an additional 212,507 shares in the last quarter. 83.84% of the stock is owned by institutional investors and hedge funds.
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Best Buy 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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