Guggenheim started coverage on shares of Best Buy (NYSE:BBY) in a research note issued to investors on Monday morning, Briefing.com Automated Import reports. The brokerage issued a buy rating and a $80.00 target price on the technology retailer’s stock.
A number of other equities analysts have also weighed in on BBY. Wedbush set a $79.00 target price on shares of Aimmune Therapeutics and gave the stock a buy rating in a research note on Friday, May 24th. Cleveland Research restated a neutral rating on shares of Best Buy in a research note on Tuesday, June 18th. Evercore ISI assumed coverage on shares of Polarityte in a research note on Wednesday, March 20th. They set an outperform rating and a $26.00 price objective for the company. ValuEngine upgraded shares of Wave Life Sciences from a buy rating to a strong-buy rating in a research note on Monday, March 11th. Finally, Jefferies Financial Group downgraded shares of MACOM Technology Solutions from a buy rating to a hold rating and reduced their price objective for the stock from $18.00 to $15.00 in a research note on Wednesday, April 24th. Thirteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $77.67.
NYSE BBY traded up $1.82 on Monday, reaching $73.75. The company had a trading volume of 2,415,726 shares, compared to its average volume of 3,127,439. The firm has a market cap of $19.25 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.43 and a beta of 1.07. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. Best Buy has a 1-year low of $47.72 and a 1-year high of $84.37. The stock’s fifty day moving average price is $67.15.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 EPS. Research analysts anticipate that Best Buy will post 5.74 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Thursday, June 13th were issued a $0.50 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.71%. Best Buy’s payout ratio is 37.59%.
In other news, CEO Hubert Joly sold 171,711 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $73.68, for a total value of $12,651,666.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Victor Kathy J. Higgins sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $72.50, for a total transaction of $725,000.00. Following the completion of the sale, the director now directly owns 54,126 shares in the company, valued at $3,924,135. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,642,656 shares of company stock worth $114,057,554. 0.95% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. FMR LLC raised its holdings in shares of Best Buy by 0.9% in the 1st quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock valued at $1,688,517,000 after purchasing an additional 215,871 shares during the period. BlackRock Inc. raised its holdings in shares of Best Buy by 1.7% in the 1st quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock valued at $1,236,916,000 after purchasing an additional 295,060 shares during the period. Norges Bank bought a new stake in shares of Best Buy in the 4th quarter valued at about $145,454,000. Amundi Pioneer Asset Management Inc. raised its holdings in Best Buy by 5.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 2,471,392 shares of the technology retailer’s stock valued at $130,885,000 after acquiring an additional 128,144 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Best Buy by 7.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,414,905 shares of the technology retailer’s stock valued at $127,879,000 after acquiring an additional 171,050 shares during the period. 78.78% of the stock is currently owned by institutional investors.
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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