Best Buy Co., Inc. (NYSE:BBY) Receives Consensus Recommendation of “Hold” from Analysts
Best Buy Co., Inc. (NYSE:BBY – Get Rating) shares have received an average recommendation of “Hold” from the nineteen analysts currently covering the stock, reports MarketBeat Ratings. One equities research analyst has rated the stock with a sell rating, nine with a hold rating and seven with a buy rating on the company. The average 12-month target price set by analysts covering the stock over the past year is $81.44.
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BBY has been the subject of a number of research analyst reports. Credit Suisse Group lowered its price target on Best Buy to $85.00 from $90.00 and gave the stock a neutral rating in a research report on Friday, March 3. Barclays lowered its target price on Best Buy to $80.00 from $88.00 and gave the stock a “buy” rating in a report on Friday, March 3. DA Davidson lowered its price target on Best Buy to $96.00 from $99.00 and gave the stock a “buy” rating in a report dated Friday, March 3rd. UBS Group raised its target price on Best Buy to $87.00 from $80.00 and gave the stock a “buy” rating in a report on Friday, February 24. Finally, Citigroup raised its target price on Best Buy to $72.00 from $61.00 and gave the stock a “buy” rating in a report on Wednesday, November 23.
In other news, EVP Damien Harmon sold 2,500 shares of Best Buy in a transaction that took place on Friday, December 23rd. The shares sold at an average price of $79.99 for a total transaction of $199,975.00. Upon completion of the sale, the Executive Vice President now directly owns 42,805 shares of the Company’s shares valued at approximately $3,423,971.95. The transaction was disclosed in a legal filing with the SEC available at this hyperlink. Insiders own 0.44% of the company’s shares.
Institutional investors weigh Best Buy
A number of hedge funds and other institutional investors have recently changed their holdings of BBY. Voya Investment Management LLC increased its position in Best Buy by 3.4% during the fourth quarter. Voya Investment Management LLC now owns 93,143 shares of the tech trader’s stock valued at $7,471,000 after purchasing an additional 3,053 shares last quarter. WC Walker & Associates Inc. increased its position in Best Buy by 1.7% during the fourth quarter. WC Walker & Associates Inc. now owns 18,286 shares of the tech trader, valued at $1,521,000, after purchasing an additional 313 shares last quarter. IMS Capital Management acquired a new position in Best Buy stock valued at approximately $245,000 during the fourth quarter. Linden Thomas Advisory Services LLC acquired a new position in Best Buy stock valued at approximately $975,000 during the fourth quarter. Finally, Alliancebernstein LP increased its position in Best Buy by 1.9% during the fourth quarter. Alliancebernstein LP now owns 311,256 shares of the technology retailer, valued at $24,966,000, after purchasing an additional 5,826 shares last quarter. 78.48% of the shares are currently owned by institutional investors and hedge funds.
Best Buy stock down 0.5%
BBY opened at $76.73 on Monday. The company’s 50-day simple moving average is $83.94 and its 200-day simple moving average is $77.21. The company has a debt to equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. Best Buy has a yearly low of $60.78 and a yearly high of $103.23. The stock has a market cap of $16.98 billion, a P/E of 12.20, a price-to-earnings-to-growth ratio of 1.53, and a beta of 1.51.
Best Buy (NYSE:BBY – Get Rating) last reported its earnings results on Thursday, March 2nd. The technology trader reported $2.61 EPS for the quarter, beating analysts’ consensus estimate of $2.09 by $0.52. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The company made $14.74 billion in revenue for the quarter, compared to analysts’ expectations of $14.80 billion. In the same quarter last year, the company posted earnings per share of $2.73. The company’s sales fell by 10.0% compared to the same quarter of the previous year. Analysts expect Best Buy to post 6.25 EPS for the current year.
Best Buy raises dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Thursday, March 23 will receive a dividend of $0.92 per share. That equates to a dividend of $3.68 on an annualized basis and a dividend yield of 4.80%. This is an increase from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date is Wednesday March 22nd. Best Buy’s dividend payout ratio (DPR) is currently 58.51%.
Best Buy Co, Inc is engaged in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The domestic segment includes operations in every state, county and territory of the United States operating under various brand names including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster and Pacific Sales.
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