Best Buy (NYSE:BBY) has been assigned a $56.00 price objective by research analysts at Deutsche Bank in a note issued to investors on Friday, November 17th. The brokerage presently has a “hold” rating on the technology retailer’s stock. Deutsche Bank’s price objective would suggest a potential downside of 8.15% from the company’s previous close.
A number of other equities analysts also recently weighed in on BBY. Loop Capital reaffirmed a “buy” rating and set a $72.00 target price on shares of Best Buy in a research note on Saturday, July 22nd. SunTrust Banks set a $70.00 price target on shares of Best Buy and gave the company a “buy” rating in a report on Saturday, July 22nd. BidaskClub upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Piper Jaffray Companies reiterated a “buy” rating and set a $70.00 price target on shares of Best Buy in a report on Thursday, August 3rd. Finally, Jefferies Group reiterated a “hold” rating and set a $60.00 price target on shares of Best Buy in a report on Wednesday, August 9th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $58.81.
Shares of Best Buy (BBY) traded down $0.67 during midday trading on Friday, hitting $60.97. 3,538,116 shares of the company’s stock were exchanged, compared to its average volume of 4,470,955. Best Buy has a fifty-two week low of $41.67 and a fifty-two week high of $63.32. The company has a market capitalization of $18,285.02, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.40. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.78. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter last year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. research analysts forecast that Best Buy will post 4.03 earnings per share for the current year.
In related news, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $52.49, for a total value of $566,734.53. Following the sale, the insider now owns 25,690 shares in the company, valued at $1,348,468.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $57.26, for a total transaction of $179,452.84. The disclosure for this sale can be found here. Insiders sold 2,098,184 shares of company stock worth $124,544,562 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. TrimTabs Asset Management LLC boosted its stake in shares of Best Buy by 17.1% during the 3rd quarter. TrimTabs Asset Management LLC now owns 6,767 shares of the technology retailer’s stock worth $385,000 after acquiring an additional 990 shares during the last quarter. Gyroscope Capital Management Group LLC boosted its stake in shares of Best Buy by 4.5% during the 3rd quarter. Gyroscope Capital Management Group LLC now owns 103,033 shares of the technology retailer’s stock worth $5,869,000 after acquiring an additional 4,469 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Best Buy during the 3rd quarter worth $482,000. IFM Investors Pty Ltd purchased a new position in shares of Best Buy during the 3rd quarter worth $462,000. Finally, Fieldpoint Private Securities LLC purchased a new position in shares of Best Buy during the 3rd quarter worth $139,000. Institutional investors and hedge funds own 86.50% of the company’s stock.
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About Best Buy
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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