Zacks Investment Research upgraded shares of Best Buy Co., Inc. (NYSE:BBY) from a hold rating to a buy rating in a report issued on Tuesday. The brokerage currently has $66.00 price target on the technology retailer’s stock.
According to Zacks, “Best Buy has exhibited a bullish run in the index and outpaced the industry in a year owing to strategic efforts, sturdy online sales growth and solid earnings history. The company is making extensive investments to upgrade operations with special focus on developing omni-channel capabilities and strengthening partnership with vendors. Moreover, following the completion of “Renew Blue” program, it launched a fresh strategy called “Best Buy 2020: Building the New Blue”. Under this strategy, the top most priority is to explore and pursue growth opportunities and optimize cost with focus on key areas. On the other hand, despite reporting robust results in second-quarter fiscal 2018, the stock took a hit as investors are concerned about margins which may come under pressure due to increase in investment. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns.”
BBY has been the subject of several other reports. Piper Jaffray Companies reissued a buy rating and issued a $68.00 price target on shares of Best Buy Co. in a research report on Thursday, September 21st. UBS AG reissued a buy rating and issued a $57.00 price target (down from $60.00) on shares of Best Buy Co. in a research report on Wednesday, September 20th. Jefferies Group LLC reissued a buy rating and issued a $60.00 price target on shares of Best Buy Co. in a research report on Wednesday, September 20th. Loop Capital reissued a buy rating and issued a $72.00 price target on shares of Best Buy Co. in a research report on Wednesday, September 20th. Finally, Oppenheimer Holdings, Inc. reissued a hold rating on shares of Best Buy Co. in a research report on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Best Buy Co. presently has an average rating of Buy and an average target price of $59.19.
Shares of Best Buy Co. (BBY) opened at 55.13 on Tuesday. Best Buy Co. has a 52 week low of $37.10 and a 52 week high of $63.32. The stock has a market capitalization of $16.49 billion, a PE ratio of 14.59 and a beta of 1.51. The company has a 50-day moving average price of $56.55 and a 200 day moving average price of $55.21.
Best Buy Co. (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. Equities analysts forecast that Best Buy Co. will post $4.06 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were paid a dividend of $0.34 per share. The ex-dividend date was Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.47%. Best Buy Co.’s payout ratio is presently 35.88%.
In other news, CEO Hubert Joly sold 14,734 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $882,861.28. Following the completion of the transaction, the chief executive officer now owns 540,694 shares of the company’s stock, valued at approximately $32,398,384.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Shari L. Ballard sold 2,246 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $134,580.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 166,259 shares of company stock worth $9,182,693. Company insiders own 1.21% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC lifted its holdings in shares of Best Buy Co. by 23.2% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,292,100 shares of the technology retailer’s stock valued at $74,076,000 after buying an additional 243,300 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Best Buy Co. by 344.4% in the 2nd quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock valued at $5,164,000 after buying an additional 69,819 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Best Buy Co. by 13.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock valued at $8,312,000 after buying an additional 16,858 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Best Buy Co. in the 2nd quarter valued at about $1,164,000. Finally, 361 Capital LLC lifted its holdings in shares of Best Buy Co. by 16.4% in the 2nd quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock valued at $11,504,000 after buying an additional 28,261 shares during the period. 88.11% of the stock is owned by institutional investors and hedge funds.
Best Buy Co. 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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