Deutsche Bank AG reissued their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research note released on Thursday, August 31st. Deutsche Bank AG currently has a $58.00 price target on the technology retailer’s stock, down from their previous price target of $60.00.
A number of other research firms have also recently commented on BBY. UBS AG reissued a buy rating and set a $51.00 target price (up previously from $47.00) on shares of Best Buy Co. in a research report on Wednesday, May 24th. Jefferies Group LLC raised shares of Best Buy Co. from a hold rating to a buy rating and raised their price target for the stock from $51.00 to $60.00 in a report on Tuesday, May 30th. Bank of America Corporation reaffirmed a buy rating and issued a $68.00 price target (up previously from $58.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and issued a $56.00 price target (up previously from $49.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Finally, Credit Suisse Group reaffirmed a buy rating and issued a $60.00 price target (up previously from $47.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have given 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 an average price target of $58.92.
Shares of Best Buy Co. (NYSE BBY) opened at 58.61 on Thursday. 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. 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. (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share 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 analysts’ expectations of $8.67 billion. During the same quarter in the prior year, the company earned $0.57 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Analysts anticipate that Best Buy Co. will post $4.05 EPS for the current year.
The firm also recently disclosed 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. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is currently 35.88%.
In other Best Buy Co. news, General Counsel Keith J. Nelsen sold 10,593 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 $579,225.24. Following the completion of the transaction, the general counsel now owns 78,455 shares in the company, valued at approximately $4,289,919.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hubert Joly sold 14,734 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 transaction of $882,861.28. Following the transaction, the chief executive officer now owns 540,694 shares of the company’s stock, valued at approximately $32,398,384.48. The disclosure for this sale can be found here. Insiders sold 152,328 shares of company stock valued at $8,436,505 in the last 90 days. Company insiders own 1.21% of the company’s stock.
Several large investors have recently modified their holdings of BBY. BlackRock Inc. lifted its position in shares of Best Buy Co. by 1,859.1% during the 1st quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Best Buy Co. during the 1st quarter worth approximately $265,777,000. Renaissance Technologies LLC lifted its position in shares of Best Buy Co. by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after buying an additional 3,119,700 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Best Buy Co. by 78.4% during 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 buying an additional 1,645,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Best Buy Co. by 4.0% during the 1st 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 during the last quarter. Institutional investors and hedge funds 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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