Best Buy Co. (BBY) Downgraded to “Hold” at Vetr Inc.
Vetr downgraded shares of Best Buy Co. (NYSE:BBY) from a buy rating to a hold rating in a report published on Thursday. They currently have $41.40 price target on the technology retailer’s stock.
Several other equities research analysts also recently weighed in on the company. Bank of America Corp. reaffirmed a buy rating on shares of Best Buy in a research report on Thursday, June 23rd. SunTrust Banks Inc. upped their target price on Best Buy from $39.00 to $45.00 and gave the stock a buy rating in a research report on Wednesday, August 24th. Raymond James Financial Inc. upped their target price on Best Buy from $38.00 to $45.00 and gave the stock 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 issued a neutral rating for the company. Finally, Morgan Stanley reaffirmed a buy rating and issued a $28.00 target price on shares of Best Buy in a research report on Wednesday, July 6th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $37.78.
Best Buy (NYSE:BBY) traded down 0.63% on Thursday, reaching $39.58. The company’s stock had a trading volume of 1,244,086 shares. Best Buy has a 52 week low of $25.31 and a 52 week high of $40.58. The firm’s 50 day moving average price is $38.29 and its 200-day moving average price is $33.58. The company has a market capitalization of $12.56 billion, a price-to-earnings ratio of 12.88 and a beta of 1.47.
Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm earned $8.53 billion during the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts predict that Best Buy will post $3.05 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Friday, September 9th. 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 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 directly owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.21% of the company’s stock.
A number of institutional investors have recently modified their holdings of BBY. Advantus Capital Management Inc raised its position in shares of Best Buy by 0.4% in the second quarter. Advantus Capital Management Inc now owns 27,269 shares of the technology retailer’s stock worth $834,000 after buying an additional 108 shares during the last quarter. Blair William & Co. IL raised its stake in Best Buy by 0.7% in the second quarter. Blair William & Co. IL now owns 17,829 shares of the technology retailer’s stock valued at $546,000 after buying an additional 125 shares in the last quarter. World Asset Management Inc raised its stake in Best Buy by 0.5% in the second quarter. World Asset Management Inc now owns 31,449 shares of the technology retailer’s stock valued at $962,000 after buying an additional 172 shares in the last quarter. Pacer Advisors Inc. raised its stake in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares in the last quarter. Finally, Commonwealth Bank of Australia raised its stake in Best Buy by 0.4% in the second quarter. Commonwealth Bank of Australia now owns 104,853 shares of the technology retailer’s stock valued at $3,209,000 after buying an additional 367 shares in the last quarter. 87.63% of the stock is owned by hedge funds and other 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.
To view Vetr’s full report, visit Vetr’s official website.
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