Best Buy’s (BBY) “Buy” Rating Reaffirmed at Barclays PLC
Barclays PLC restated their buy rating on shares of Best Buy Co. (NYSE:BBY) in a research note issued to investors on Wednesday morning. Barclays PLC currently has a $45.00 price objective on the technology retailer’s stock.
Other equities research analysts also recently issued reports about the stock. Deutsche Bank AG downgraded shares of Best Buy from a buy rating to a hold rating and cut their price target for the company from $38.00 to $32.00 in a report on Wednesday, May 25th. Vetr downgraded shares of Best Buy from a strong-buy rating to a hold rating and set a $33.39 price target for the company. in a report on Wednesday, June 1st. Telsey Advisory Group cut their price target on shares of Best Buy from $38.00 to $36.00 and set an outperform rating for the company in a report on Wednesday, May 25th. Wedbush reissued a buy rating and issued a $20.50 price target on shares of Best Buy in a report on Wednesday, May 25th. Finally, Zacks Investment Research raised shares of Best Buy from a hold rating to a buy rating and set a $35.00 price target for the company in a report on Tuesday, July 5th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Best Buy currently has an average rating of Hold and an average price target of $37.27.
Shares of Best Buy (NYSE:BBY) opened at 38.14 on Wednesday. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58. The firm has a market capitalization of $12.10 billion, a PE ratio of 12.41 and a beta of 1.44. The company has a 50 day moving average of $36.24 and a 200 day moving average of $32.88.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.14. The business 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%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 earnings per share. On average, analysts anticipate that Best Buy will post $3.05 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be given a $0.28 dividend. The ex-dividend date is Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.94%. Best Buy’s dividend payout ratio is 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares of the company’s stock, valued at $744,658.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.21% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in Best Buy during the first quarter valued at $76,085,000. BlueMountain Capital Management LLC boosted its position in shares of 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 valued at $73,007,000 after buying an additional 411,059 shares during the period. Legal & General Group Plc boosted its position in shares of 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 valued at $48,571,000 after buying an additional 10,100 shares during the period. Chevy Chase Trust Holdings Inc. boosted its position in shares of 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 valued at $7,389,000 after buying an additional 3,758 shares during the period. Finally, National Pension Service boosted its position in shares of Best Buy by 4.7% in the first quarter. National Pension Service now owns 206,852 shares of the technology retailer’s stock valued at $6,710,000 after buying an additional 9,203 shares during the period. 86.28% of the stock is owned by institutional investors.
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.
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