Best Buy Co. (BBY) Downgraded by Vetr Inc. to “Hold”
Vetr lowered shares of Best Buy Co. (NYSE:BBY) from a buy rating to a hold rating in a research report sent to investors on Monday morning. Vetr currently has $39.59 price objective on the technology retailer’s stock.
Other research analysts have also issued reports about the company. Deutsche Bank AG reissued a buy rating and issued a $32.00 price target on shares of Best Buy in a research report on Tuesday, June 28th. Longbow Research began coverage on Best Buy in a research report on Thursday, June 16th. They issued a neutral rating for the company. Raymond James Financial Inc. boosted their price target on Best Buy from $38.00 to $45.00 and gave the stock a buy rating in a research report on Wednesday, August 24th. Jefferies Group lowered Best Buy from a buy rating to a hold rating and reduced their price target for the stock from $39.00 to $36.00 in a research report on Monday, August 15th. Finally, Barclays PLC reissued a buy rating and issued a $45.00 price target on shares of Best Buy in a research report on Thursday, June 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $37.27.
Best Buy (NYSE:BBY) opened at 38.18 on Monday. Best Buy has a 12 month low of $25.31 and a 12 month high of $40.58. The stock has a market capitalization of $12.11 billion, a PE ratio of 12.42 and a beta of 1.47. The firm has a 50-day moving average price of $37.42 and a 200 day moving average price of $33.21.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.14. The business earned $8.53 billion during the quarter, compared to analyst estimates of $8.40 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. Best Buy’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. Equities analysts anticipate that Best Buy will post $3.05 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 9th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.93%. Best Buy’s payout ratio is currently 36.48%.
In other Best Buy 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 transaction of $40,633.50. Following the completion of the transaction, the vice president now owns 18,876 shares of the company’s stock, valued at $744,658.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.21% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC purchased a new position in shares of Best Buy during the first quarter worth approximately $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 worth $73,007,000 after buying an additional 411,059 shares during the last quarter. 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 worth $48,571,000 after buying an additional 10,100 shares during the last quarter. Jensen Investment Management Inc. boosted its position in shares of Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock worth $389,000 after buying an additional 440 shares during the last quarter. Finally, 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 worth $7,389,000 after buying an additional 3,758 shares during the last quarter. 87.63% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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