Best Buy Co Inc (NYSE:BBY) has earned an average recommendation of “Hold” from the twenty-three brokerages that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $68.47.
Several analysts have recently weighed in on the company. Loop Capital set a $83.00 price objective on Best Buy and gave the stock a “buy” rating in a report on Wednesday, March 14th. Morgan Stanley reissued an “equal weight” rating and set a $74.00 price objective (up previously from $66.00) on shares of Best Buy in a report on Friday, March 2nd. Telsey Advisory Group reissued a “market perform” rating and set a $76.00 price objective (up previously from $74.00) on shares of Best Buy in a report on Friday, March 2nd. Citigroup reissued a “neutral” rating and set a $74.00 price objective (up previously from $69.00) on shares of Best Buy in a report on Friday, February 16th. Finally, Barclays lifted their price objective on Best Buy from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th.
Shares of BBY stock opened at $70.04 on Wednesday. Best Buy has a fifty-two week low of $43.72 and a fifty-two week high of $78.59. The firm has a market capitalization of $20,383.93, a P/E ratio of 21.35, a PEG ratio of 0.96 and a beta of 1.09. The company has a current ratio of 1.26, a quick ratio of 0.59 and a debt-to-equity ratio of 0.22.
Best Buy (NYSE:BBY) last announced its quarterly earnings data 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. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The company had revenue of $15.36 billion for the quarter, compared to analyst estimates of $14.52 billion. During the same quarter last year, the firm earned $1.93 EPS. Best Buy’s revenue for the quarter was up 14.0% compared to the same quarter last year. research analysts expect that Best Buy will post 4.97 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, March 21st. This represents a $1.80 dividend on an annualized basis and a yield of 2.57%. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. Best Buy’s payout ratio is currently 41.46%.
In other Best Buy news, Director Gerard R. Vittecoq sold 23,684 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $74.12, for a total value of $1,755,458.08. Following the transaction, the director now owns 40,128 shares of the company’s stock, valued at $2,974,287.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Mathew Watson sold 990 shares of the business’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $77.21, for a total value of $76,437.90. The disclosure for this sale can be found here. In the last three months, insiders sold 356,785 shares of company stock worth $24,999,914. Insiders own 0.84% of the company’s stock.
A number of institutional investors have recently bought and sold shares of BBY. Renaissance Technologies LLC boosted its stake in Best Buy by 61.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock worth $231,374,000 after purchasing an additional 1,280,600 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in Best Buy in the fourth quarter worth $86,840,000. Bank of New York Mellon Corp boosted its stake in Best Buy by 31.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock worth $361,491,000 after purchasing an additional 1,264,528 shares in the last quarter. Capital Growth Management LP acquired a new position in Best Buy in the fourth quarter worth $50,668,000. Finally, Assenagon Asset Management S.A. boosted its stake in Best Buy by 6,630.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 645,175 shares of the technology retailer’s stock worth $44,175,000 after purchasing an additional 635,589 shares in the last quarter. 85.11% of the stock is currently owned by institutional investors.
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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.
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