Investors Sell Best Buy Co. (BBY) on Strength (BBY)
Traders sold shares of Best Buy Co. (NYSE:BBY) on strength during trading hours on Wednesday. $153.54 million flowed into the stock on the tick-up and $170.16 million flowed out of the stock on the tick-down, for a money net flow of $16.62 million out of the stock. Of all equities tracked, Best Buy had the 18th highest net out-flow for the day. Best Buy traded up $0.27 for the day and closed at $39.50
Several research firms have recently commented on BBY. Vetr lowered Best Buy from a “buy” rating to a “hold” rating and set a $39.59 price objective for the company. in a research note on Tuesday. Telsey Advisory Group upped their price objective on Best Buy from $36.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank Of Canada upped their price objective on Best Buy from $36.00 to $42.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Citigroup Inc. upped their price objective on Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Raymond James Financial Inc. upped their price objective on Best Buy from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. Best Buy presently has a consensus rating of “Hold” and a consensus price target of $37.53.
The stock’s 50-day moving average is $33.13 and its 200 day moving average is $31.92. The firm has a market cap of $12.75 billion and a P/E ratio of 13.58.
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 the consensus estimate of $0.43 by $0.14. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company earned $8.53 billion during the quarter, compared to analyst estimates of $8.40 billion. The business’s revenue was up .1% compared to the same quarter last year. On average, equities research analysts predict that Best Buy Co. will post $2.93 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders 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 annualized dividend and a dividend yield of 2.84%.
In other Best Buy news, CEO Hubert Joly sold 398,000 shares of the stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $32.24, for a total transaction of $12,831,520.00. Following the sale, the chief executive officer now directly owns 511,139 shares in the company, valued at approximately $16,479,121.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mathew Watson sold 1,363 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $32.10, for a total transaction of $43,752.30. Following the sale, the chief accounting officer now owns 20,668 shares in the company, valued at $663,442.80. The disclosure for this sale can be found here.
Other large investors have added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in Best Buy by 33.8% in the fourth quarter. Victory Capital Management Inc. now owns 38,291 shares of the technology retailer’s stock worth $1,166,000 after buying an additional 9,674 shares during the period. Advisors Asset Management Inc. raised its stake in Best Buy by 251.0% in the fourth quarter. Advisors Asset Management Inc. now owns 42,778 shares of the technology retailer’s stock worth $1,303,000 after buying an additional 30,590 shares during the period. KBC Group NV raised its stake in Best Buy by 158.2% in the fourth quarter. KBC Group NV now owns 130,577 shares of the technology retailer’s stock worth $3,976,000 after buying an additional 80,013 shares during the period. American International Group Inc. raised its stake in Best Buy by 9.0% in the fourth quarter. American International Group Inc. now owns 157,106 shares of the technology retailer’s stock worth $4,783,000 after buying an additional 12,954 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Best Buy by 27.5% in the fourth quarter. BNP Paribas Arbitrage SA now owns 312,791 shares of the technology retailer’s stock worth $9,524,000 after buying an additional 67,494 shares during the period.
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.
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