Piper Jaffray Companies Reaffirms “Buy” Rating for Best Buy Co., Inc. (NYSE:BBY)
Piper Jaffray Companies restated their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research report sent to investors on Thursday. They currently have a $70.00 price target on the technology retailer’s stock.
BBY has been the subject of a number of other reports. Jefferies Group LLC reaffirmed a buy rating and set a $60.00 price target on shares of Best Buy Co. in a research report on Thursday, July 6th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Best Buy Co. in a report on Thursday, May 25th. Wedbush reissued an underperform rating and set a $29.00 price objective on shares of Best Buy Co. in a report on Monday, May 22nd. Loop Capital reissued a buy rating and set a $72.00 price objective (up from $64.00) on shares of Best Buy Co. in a report on Monday, June 5th. Finally, Bank of America Corporation raised Best Buy Co. from a neutral rating to a buy rating and increased their price objective for the company from $46.00 to $58.00 in a report on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have assigned a buy rating to the company. Best Buy Co. currently has a consensus rating of Buy and a consensus price target of $56.76.
Shares of Best Buy Co. (NYSE BBY) traded up 1.18% on Thursday, hitting $60.99. The stock had a trading volume of 595,504 shares. The company has a 50-day moving average of $56.16 and a 200 day moving average of $50.53. The company has a market capitalization of $18.60 billion, a price-to-earnings ratio of 16.41 and a beta of 1.45. Best Buy Co. has a 52 week low of $32.02 and a 52 week high of $61.95.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.20. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. Best Buy Co.’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $0.44 earnings per share. On average, equities research analysts predict that Best Buy Co. will post $3.89 EPS for the current year.
In other Best Buy Co. news, VP Mathew Watson sold 758 shares of Best Buy Co. stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total transaction of $39,279.56. Following the sale, the vice president now directly owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Asheesh Saksena sold 22,255 shares of Best Buy Co. stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $55.66, for a total value of $1,238,713.30. Following the sale, the insider now directly owns 82,440 shares in the company, valued at $4,588,610.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 121,917 shares of company stock worth $7,107,375. 0.84% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of BBY. BlackRock Inc. boosted its stake in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Best Buy Co. during the first quarter worth approximately $265,777,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Best Buy Co. by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after buying an additional 1,645,245 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Best Buy Co. by 31.1% in the first quarter. Bank of New York Mellon Corp now owns 3,800,759 shares of the technology retailer’s stock worth $186,809,000 after buying an additional 900,788 shares in the last quarter. 94.06% of the stock is currently owned by institutional investors and hedge funds.
About Best Buy Co.
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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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