Best Buy Co., Inc. (BBY) Rating Reiterated by Piper Jaffray Companies
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by equities researchers at Piper Jaffray Companies in a note issued to investors on Thursday. They presently have a $68.00 price objective on the technology retailer’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 26.16% from the company’s current price.
Several other research analysts have also recently issued reports on the company. UBS AG reissued a “buy” rating and issued a $57.00 price objective (down previously from $60.00) on shares of Best Buy Co. in a research note on Wednesday. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a research note on Wednesday. Loop Capital reissued a “buy” rating and issued a $72.00 price objective on shares of Best Buy Co. in a research note on Wednesday. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research note on Wednesday. Finally, Royal Bank Of Canada dropped their price objective on Best Buy Co. from $61.00 to $57.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Best Buy Co. currently has an average rating of “Buy” and a consensus target price of $58.14.
Shares of Best Buy Co. (BBY) opened at 53.90 on Thursday. The stock has a market cap of $16.13 billion, a PE ratio of 14.26 and a beta of 1.48. The firm has a 50-day moving average price of $58.64 and a 200 day moving average price of $53.96. Best Buy Co. has a 12-month low of $37.10 and a 12-month high of $63.32.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The company had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Best Buy Co.’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts expect that Best Buy Co. will post $4.06 earnings per share for the current year.
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In related news, insider Shari L. Ballard sold 9,778 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $534,661.04. Following the completion of the transaction, the insider now owns 84,613 shares in the company, valued at approximately $4,626,638.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total value of $566,734.53. Following the completion of the transaction, the insider now owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The disclosure for this sale can be found here. Insiders sold a total of 163,125 shares of company stock valued at $9,003,240 in the last 90 days. 1.21% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of BBY. BlackRock Inc. raised its stake in Best Buy Co. by 1,859.1% in the 1st quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after acquiring an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Best Buy Co. in the 1st quarter worth $265,777,000. Renaissance Technologies LLC raised its stake in Best Buy Co. by 762.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after acquiring an additional 3,119,700 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Best Buy Co. by 78.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after acquiring an additional 1,645,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Best Buy Co. by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after acquiring an additional 1,241,888 shares during the last quarter. Institutional investors own 88.11% of the company’s stock.
Best Buy Co. 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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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