Best Buy Co., Inc. (NYSE:BBY) had its target price hoisted by equities research analysts at Royal Bank Of Canada from $60.00 to $61.00 in a research report issued on Wednesday, August 30th, Marketbeat Ratings reports. The firm presently has a “sector perform” rating on the technology retailer’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 4.08% from the stock’s previous close.
A number of other research firms have also recently issued reports on BBY. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. BidaskClub upgraded shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Barclays PLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a research note on Monday, August 28th. Piper Jaffray Companies reiterated a “buy” rating and issued a $70.00 price objective on shares of Best Buy Co. in a research note on Wednesday, August 23rd. Finally, ValuEngine lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Best Buy Co. presently has a consensus rating of “Buy” and a consensus price target of $58.92.
Shares of Best Buy Co. (NYSE BBY) opened at 58.61 on Wednesday. The company has a market cap of $17.54 billion, a price-to-earnings ratio of 15.51 and a beta of 1.48. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32. The company’s 50-day moving average price is $58.80 and its 200-day moving average price is $53.65.
Best Buy Co. (NYSE:BBY) last posted its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. Analysts anticipate that Best Buy Co. will post $4.05 EPS for the current year.
In other news, VP Mathew Watson sold 1,129 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total transaction of $61,733.72. Following the completion of the sale, the vice president now owns 17,764 shares in the company, valued at approximately $971,335.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Corie S. Barry sold 787 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 $47,157.04. Following the completion of the sale, the chief financial officer now owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Insiders have sold a total of 152,328 shares of company stock valued at $8,436,505 in the last 90 days. Insiders own 1.21% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in BBY. BlackRock Inc. raised its position 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 valued at $986,174,000 after purchasing an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Best Buy Co. in the 1st quarter valued at $265,777,000. Renaissance Technologies LLC raised its position 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 valued at $202,312,000 after purchasing an additional 3,119,700 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position 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 valued at $183,979,000 after purchasing an additional 1,645,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its position 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 valued at $1,602,962,000 after purchasing an additional 1,241,888 shares during the last quarter. Hedge funds and other institutional investors own 86.46% 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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