Wells Fargo assumed coverage on shares of Best Buy (NYSE:BBY) in a research note released on Monday, MarketBeat reports. The brokerage issued a market perform rating and a $77.00 price objective on the technology retailer’s stock.
Several other research firms have also recently weighed in on BBY. Telsey Advisory Group cut Best Buy from an outperform rating to a market perform rating and lifted their price target for the stock from $62.00 to $81.00 in a report on Thursday, January 25th. They noted that the move was a valuation call. Barclays raised their price objective on Best Buy from $80.00 to $85.00 and gave the stock an overweight rating in a research note on Tuesday, January 30th. UBS restated a neutral rating and set a $77.00 price objective (up previously from $70.00) on shares of Best Buy in a research note on Friday, March 2nd. Loop Capital upgraded Best Buy to a buy rating in a research note on Thursday, March 1st. Finally, Morgan Stanley restated an equal weight rating and set a $74.00 price objective (up previously from $66.00) on shares of Best Buy in a research note on Friday, March 2nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued 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 an average price target of $71.22.
NYSE:BBY opened at $74.38 on Monday. The company has a market cap of $21,486.00, a P/E ratio of 16.83, a PEG ratio of 1.02 and a beta of 0.94. The company has a quick ratio of 0.59, a current ratio of 1.26 and a debt-to-equity ratio of 0.22. Best Buy has a 1-year low of $50.29 and a 1-year high of $78.59.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, March 1st. The technology retailer reported $2.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.37. The business had revenue of $15.36 billion during the quarter, compared to analysts’ expectations of $14.52 billion. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the firm posted $1.93 EPS. equities research analysts forecast that Best Buy will post 4.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 12th. Stockholders of record on Thursday, March 22nd were paid a $0.45 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. The ex-dividend date was Wednesday, March 21st. This represents a $1.80 annualized dividend and a dividend yield of 2.42%. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.
In related news, CFO Corie S. Barry sold 399 shares of the firm’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $72.45, for a total transaction of $28,907.55. Following the sale, the chief financial officer now owns 81,206 shares of the company’s stock, valued at approximately $5,883,374.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerard R. Vittecoq sold 23,684 shares of the firm’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 sale, the director now directly owns 40,128 shares in the company, valued at approximately $2,974,287.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,639 shares of company stock worth $25,651,834. Corporate insiders own 0.84% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Renaissance Technologies LLC boosted its holdings in shares of Best Buy by 61.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock valued at $231,374,000 after acquiring an additional 1,280,600 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter valued at $86,840,000. Bank of New York Mellon Corp boosted its holdings in shares of Best Buy by 31.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock valued at $361,491,000 after acquiring an additional 1,264,528 shares in the last quarter. Capital Growth Management LP acquired a new stake in shares of Best Buy during the 4th quarter valued at $50,668,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Best Buy by 6,630.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 645,175 shares of the technology retailer’s stock valued at $44,175,000 after acquiring an additional 635,589 shares in the last quarter. 85.03% of the stock is currently owned by institutional investors.
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Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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