Zacks Investment Research upgraded shares of Best Buy Co., Inc. (NYSE:BBY) from a sell rating to a hold rating in a research note published on Tuesday.
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. Moreover, the challenging retail landscape, aggressive promotional strategies and waning store traffic remain concerns. Further, analyst believes increase in investment may strain margins in the coming quarters.”
Several other brokerages have also commented on BBY. BidaskClub upgraded Best Buy Co. from a buy rating to a strong-buy rating in a report on Thursday, August 24th. Jefferies Group LLC reiterated a hold rating and set a $60.00 price objective on shares of Best Buy Co. in a report on Monday. They noted that the move was a valuation call. SunTrust Banks, Inc. set a $70.00 price objective on Best Buy Co. and gave the company a buy rating in a report on Saturday, July 22nd. Loop Capital reiterated a buy rating and set a $72.00 price objective on shares of Best Buy Co. in a report on Thursday, August 31st. Finally, Wedbush set a $33.00 price objective on Best Buy Co. and gave the company a sell rating in a report on Monday. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $58.97.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.06. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. sell-side analysts anticipate that Best Buy Co. will post 4.06 EPS for the current fiscal year.
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In other Best Buy Co. news, CFO Corie S. Barry sold 3,134 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shari L. Ballard sold 2,246 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. In the last three months, insiders sold 166,259 shares of company stock worth $9,182,693. 0.84% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of BBY. Renaissance Technologies LLC grew its stake in shares of Best Buy Co. by 762.4% in the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after acquiring an additional 3,119,700 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy Co. by 27.5% in the third quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock worth $228,696,000 after acquiring an additional 866,787 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Best Buy Co. by 125.4% during the second quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock worth $79,563,000 after purchasing an additional 772,200 shares in the last quarter. APG Asset Management N.V. grew its stake in shares of Best Buy Co. by 27.6% during the third quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock worth $190,263,000 after purchasing an additional 723,500 shares in the last quarter. Finally, 1060 Capital LLC acquired a new position in shares of Best Buy Co. during the third quarter worth $35,849,000. Institutional investors and hedge funds own 87.52% of the company’s stock.
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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