Best Buy (BBY) Receives Average Recommendation of “Hold” from Brokerages

Shares of Best Buy (NYSE:BBY) have earned a consensus recommendation of “Hold” from the twenty-two analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $70.07.

A number of research firms have recently issued reports on BBY. Loop Capital set a $80.00 price objective on shares of Best Buy and gave the company a “buy” rating in a report on Tuesday, January 16th. Wedbush reiterated an “underperform” rating and issued a $48.00 price objective (up from $45.00) on shares of Best Buy in a report on Monday, March 5th. Bank of America boosted their target price on shares of Best Buy from $78.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. Piper Jaffray boosted their target price on shares of Best Buy from $68.00 to $83.00 and gave the stock an “overweight” rating in a report on Monday, February 26th. Finally, Citigroup restated a “neutral” rating and set a $74.00 target price (up from $69.00) on shares of Best Buy in a report on Friday, February 16th.

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NYSE BBY opened at $71.13 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 1.26. Best Buy has a 12-month low of $48.03 and a 12-month high of $78.59. The company has a market capitalization of $20,842.88, a PE ratio of 16.09, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, March 1st. The technology retailer reported $2.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.37. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The company had revenue of $15.36 billion for the quarter, compared to the consensus estimate of $14.52 billion. During the same period last year, the company earned $1.93 earnings per share. The firm’s revenue was up 14.0% compared to the same quarter last year. analysts predict that Best Buy will post 4.97 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd were issued a $0.45 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.34. This represents a $1.80 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Wednesday, March 21st. Best Buy’s payout ratio is currently 40.72%.

In other Best Buy news, Director Gerard R. Vittecoq sold 23,684 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $74.12, for a total value of $1,755,458.08. Following the transaction, the director now directly owns 40,128 shares in the company, valued at $2,974,287.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Mathew Watson sold 990 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $77.21, for a total transaction of $76,437.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 356,785 shares of company stock worth $24,999,914. Corporate insiders own 1.21% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Unison Advisors LLC acquired a new position in shares of Best Buy in the fourth quarter valued at $1,420,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Best Buy by 2.6% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 269,414 shares of the technology retailer’s stock worth $18,447,000 after purchasing an additional 6,722 shares during the period. Sit Investment Associates Inc. lifted its position in Best Buy by 783,437.5% during the fourth quarter. Sit Investment Associates Inc. now owns 188,049 shares of the technology retailer’s stock worth $12,876,000 after purchasing an additional 188,025 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Best Buy by 0.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,568,216 shares of the technology retailer’s stock worth $107,256,000 after purchasing an additional 10,511 shares during the period. Finally, ETRADE Capital Management LLC lifted its position in Best Buy by 11.8% during the fourth quarter. ETRADE Capital Management LLC now owns 10,786 shares of the technology retailer’s stock worth $738,000 after purchasing an additional 1,139 shares during the period. Hedge funds and other institutional investors own 85.12% of the company’s stock.

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Best Buy 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.

Analyst Recommendations for Best Buy (NYSE:BBY)

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