Telsey Advisory Group Lowers Best Buy Co., Inc. (BBY) Price Target to $62.00
Best Buy Co., Inc. (NYSE:BBY) had its target price lowered by Telsey Advisory Group from $66.00 to $62.00 in a report released on Wednesday, MarketBeat.com reports. Telsey Advisory Group currently has an outperform rating on the technology retailer’s stock.
BBY has been the subject of several other research 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. Loop Capital reaffirmed a buy rating and set a $72.00 price target on shares of Best Buy Co. in a research report on Wednesday, August 16th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. Royal Bank Of Canada upped their price target on shares of Best Buy Co. from $60.00 to $61.00 and gave the stock a sector perform rating in a research report on Wednesday, August 30th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $58.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $58.14.
Best Buy Co. (NYSE:BBY) opened at 53.90 on Wednesday. The stock has a market cap of $16.13 billion, a PE ratio of 14.26 and a beta of 1.48. The company’s 50 day moving average is $58.64 and its 200-day moving average is $53.96. Best Buy Co. has a 52-week low of $37.10 and a 52-week high of $63.32.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. Best Buy Co.’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy Co. will post $4.06 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.52%. Best Buy Co.’s dividend payout ratio is presently 35.88%.
In related news, General Counsel Keith J. Nelsen sold 2,433 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $145,785.36. Following the sale, the general counsel now directly owns 66,873 shares of the company’s stock, valued at $4,007,030.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shari L. Ballard sold 2,246 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Insiders sold 163,125 shares of company stock worth $9,003,240 over the last ninety days. 1.21% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. FNY Managed Accounts LLC raised its holdings in Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after acquiring an additional 2,011 shares in the last quarter. Huntington National Bank raised its holdings in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after acquiring an additional 318 shares in the last quarter. Exane Derivatives raised its holdings in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after acquiring an additional 1,010 shares in the last quarter. Harbour Capital Advisors LLC acquired a new stake in Best Buy Co. in the first quarter valued at $147,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after acquiring an additional 163 shares in the last quarter. 88.11% of the stock is currently owned by hedge funds and other institutional investors.
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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