Best Buy Co., Inc. (BBY) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Best Buy Co., Inc. (NYSE:BBY) from a hold rating to a buy rating in a report published on Monday morning. The firm currently has $62.00 price target on the technology retailer’s stock.
According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”
Other analysts also recently issued research reports about the stock. BidaskClub raised shares of Best Buy Co. from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 price target on shares of Best Buy Co. and gave the company a buy rating in a research report on Saturday, July 22nd. Loop Capital reissued a buy rating and issued a $72.00 price target on shares of Best Buy Co. in a research report on Monday, July 10th. Piper Jaffray Companies set a $70.00 price target on shares of Best Buy Co. and gave the company a buy rating in a research report on Monday, June 26th. Finally, Oppenheimer Holdings, Inc. reissued a hold rating on shares of Best Buy Co. in a research report on Wednesday, September 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $58.97.
Best Buy Co. (BBY) opened at 55.46 on Monday. Best Buy Co. has a 12-month low of $37.10 and a 12-month high of $63.32. The stock has a 50 day moving average of $55.95 and a 200 day moving average of $55.47. The firm has a market cap of $16.59 billion, a PE ratio of 14.68 and a beta of 1.51.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. On average, equities research analysts anticipate that Best Buy Co. will post $4.06 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Monday, September 18th. Best Buy Co.’s dividend payout ratio is currently 35.88%.
In other Best Buy Co. news, General Counsel Keith J. Nelsen sold 2,433 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $145,785.36. Following the completion of the sale, the general counsel now owns 66,873 shares in the company, valued at $4,007,030.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shari L. Ballard sold 2,246 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $134,580.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. FNY Managed Accounts LLC lifted its position 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 purchasing an additional 2,011 shares during the last quarter. Huntington National Bank lifted its position 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 purchasing an additional 318 shares during the last quarter. Exane Derivatives lifted its position 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 purchasing an additional 1,010 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in Best Buy Co. in the first quarter valued at approximately $147,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position 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 purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 88.07% 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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