Best Buy Co. (BBY) Receives Buy Rating from SunTrust Banks Inc.
A number of other brokerages also recently issued reports on BBY. Bank of America Corp. reiterated a buy rating on shares of Best Buy in a research report on Thursday, June 23rd. Raymond James Financial Inc. lifted their price target on Best Buy from $38.00 to $45.00 and gave the company a buy rating in a research report on Wednesday, August 24th. Longbow Research initiated coverage on Best Buy in a research report on Thursday, June 16th. They set a neutral rating for the company. Morgan Stanley reiterated a buy rating and set a $28.00 price target on shares of Best Buy in a research report on Wednesday, July 6th. Finally, Telsey Advisory Group lifted their price target on Best Buy from $36.00 to $42.00 and gave the company an outperform rating in a research report on Wednesday, August 24th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $37.69.
Best Buy (NYSE:BBY) traded up 0.339% on Wednesday, hitting $39.905. The stock had a trading volume of 5,051,158 shares. Best Buy has a 1-year low of $25.31 and a 1-year high of $40.58. The company has a 50-day moving average price of $38.28 and a 200-day moving average price of $33.53. The stock has a market capitalization of $12.66 billion, a price-to-earnings ratio of 12.986 and a beta of 1.47.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The business earned $8.53 billion during the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter last year, the company earned $0.49 EPS. The firm’s revenue was up .1% compared to the same quarter last year. Equities analysts predict that Best Buy will post $3.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s payout ratio is 36.48%.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of the company’s stock in a transaction dated 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 owns 18,876 shares in the company, valued at $744,658.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.21% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. AXA boosted its stake in shares of Best Buy by 3.4% in the first quarter. AXA now owns 1,835,546 shares of the technology retailer’s stock worth $59,545,000 after buying an additional 59,700 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Best Buy by 17.0% in the first quarter. UBS Asset Management Americas Inc. now owns 3,085,533 shares of the technology retailer’s stock worth $100,095,000 after buying an additional 447,500 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Best Buy by 57.2% in the first quarter. Meeder Asset Management Inc. now owns 54,022 shares of the technology retailer’s stock worth $1,753,000 after buying an additional 19,657 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Best Buy by 80.9% in the first quarter. Rafferty Asset Management LLC now owns 15,529 shares of the technology retailer’s stock worth $504,000 after buying an additional 6,947 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Best Buy during the first quarter worth approximately $675,000. Institutional investors and hedge funds own 87.63% of the company’s stock.
Best Buy Company Profile
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.
Receive News & Ratings for Best Buy Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy Co. and related companies with MarketBeat.com's FREE daily email newsletter.