Best Buy Co. (BBY) Sees Unusually-High Trading Volume
Shares of Best Buy Co. (NYSE:BBY) saw unusually-high trading volume on Friday . Approximately 4,424,657 shares changed hands during mid-day trading, an increase of 14% from the previous session’s volume of 3,893,573 shares.The stock last traded at $34.91 and had previously closed at $34.62.
BBY has been the topic of several recent research reports. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $38.00 target price on the stock in a research note on Tuesday, May 10th. Vetr downgraded shares of Best Buy from a “strong-buy” rating to a “buy” rating and set a $36.44 price target on the stock. in a research report on Monday, May 9th. Deutsche Bank AG reiterated a “buy” rating and issued a $38.00 price target on shares of Best Buy in a research report on Thursday, April 14th. Morgan Stanley reiterated a “buy” rating and issued a $28.00 price target on shares of Best Buy in a research report on Wednesday, July 6th. Finally, Bank of America Corp. reiterated a “sell” rating on shares of Best Buy in a research report on Tuesday, May 24th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $34.23.
The stock has a market capitalization of $11.25 billion and a price-to-earnings ratio of 11.99. The firm’s 50-day moving average is $32.17 and its 200-day moving average is $31.49.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.09. During the same period last year, the firm posted $0.37 earnings per share. The business earned $8.44 billion during the quarter, compared to analyst estimates of $8.29 billion. Best Buy’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities analysts anticipate that Best Buy Co. will post $2.89 EPS for the current fiscal year.
In other Best Buy news, CAO Mathew Watson sold 1,363 shares of the business’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $32.10, for a total value of $43,752.30. Following the transaction, the chief accounting officer now directly owns 20,668 shares of the company’s stock, valued at $663,442.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hubert Joly sold 398,000 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $32.24, for a total value of $12,831,520.00. Following the completion of the transaction, the chief executive officer now directly owns 511,139 shares in the company, valued at $16,479,121.36. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of BBY. Marshall Wace LLP acquired a new position in shares of Best Buy during the fourth quarter valued at about $5,965,000. Schroder Investment Management Group raised its position in shares of Best Buy by 22.6% in the fourth quarter. Schroder Investment Management Group now owns 1,056,062 shares of the technology retailer’s stock valued at $32,157,000 after buying an additional 194,785 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Best Buy by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,528,553 shares of the technology retailer’s stock worth $107,444,000 after buying an additional 129,432 shares during the last quarter. BlackRock Advisors LLC raised its position in shares of Best Buy by 13.9% in the fourth quarter. BlackRock Advisors LLC now owns 828,458 shares of the technology retailer’s stock worth $25,226,000 after buying an additional 101,190 shares during the last quarter. Finally, Redwood Investments LLC raised its position in shares of Best Buy by 50.5% in the fourth quarter. Redwood Investments LLC now owns 257,947 shares of the technology retailer’s stock worth $7,854,000 after buying an additional 86,508 shares during the last quarter.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers service to the consumers, small business owners and educators, who visit its stores, engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States, Canada and Mexico.
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