Deutsche Bank Reaffirms “Buy” Rating for Best Buy (BBY)

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Deutsche Bank restated their buy rating on shares of Best Buy (NYSE:BBY) in a research note issued to investors on Friday morning, The Fly reports.

BBY has been the subject of a number of other reports. Citigroup reduced their target price on shares of Best Buy from $79.00 to $72.00 and set a neutral rating for the company in a research note on Wednesday, November 21st. Wedbush raised shares of Best Buy from an underperform rating to a neutral rating and set a $65.00 target price for the company in a research note on Wednesday, November 21st. Morgan Stanley boosted their price target on shares of Best Buy from $78.00 to $80.00 and gave the stock an equal weight rating in a research report on Thursday, October 11th. Bank of America cut shares of Best Buy from a neutral rating to an underperform rating and cut their price target for the stock from $70.00 to $50.00 in a research report on Monday, December 17th. Finally, Zacks Investment Research cut shares of Best Buy from a buy rating to a hold rating in a research report on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. Best Buy has an average rating of Hold and an average target price of $75.81.

NYSE BBY traded down $0.36 on Friday, reaching $56.51. The company had a trading volume of 3,413,355 shares, compared to its average volume of 4,385,829. The firm has a market cap of $15.56 billion, a PE ratio of 12.79, a PEG ratio of 1.02 and a beta of 1.18. The company has a current ratio of 1.10, a quick ratio of 0.28 and a debt-to-equity ratio of 0.42. Best Buy has a 1-year low of $47.72 and a 1-year high of $84.37.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 EPS. Equities research analysts forecast that Best Buy will post 5.18 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 31st. Shareholders of record on Tuesday, December 11th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, December 10th. This represents a $1.80 annualized dividend and a yield of 3.19%. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.

In other Best Buy news, CFO Corie S. Barry sold 6,783 shares of the business’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $72.80, for a total transaction of $493,802.40. Following the sale, the chief financial officer now directly owns 80,961 shares of the company’s stock, valued at approximately $5,893,960.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.75% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Scout Investments Inc. raised its holdings in shares of Best Buy by 53.4% in the 4th quarter. Scout Investments Inc. now owns 473,934 shares of the technology retailer’s stock valued at $25,100,000 after purchasing an additional 165,074 shares during the period. New England Research & Management Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at about $344,000. State of Alaska Department of Revenue raised its holdings in shares of Best Buy by 4.5% in the 4th quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock valued at $2,819,000 after purchasing an additional 2,294 shares during the period. CENTRAL TRUST Co raised its holdings in shares of Best Buy by 7.4% in the 4th quarter. CENTRAL TRUST Co now owns 8,485 shares of the technology retailer’s stock valued at $449,000 after purchasing an additional 585 shares during the period. Finally, Paradigm Asset Management Co. LLC raised its holdings in shares of Best Buy by 3.7% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 9,850 shares of the technology retailer’s stock valued at $782,000 after purchasing an additional 350 shares during the period. 84.48% of the stock is currently owned by institutional investors.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

Further Reading: Different Types of Derivatives

The Fly

Analyst Recommendations for Best Buy (NYSE:BBY)

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