Best Buy (NYSE:BBY) PT Raised to $100.00

Best Buy (NYSE:BBY) had its price objective increased by Loop Capital from $90.00 to $100.00 in a research note published on Thursday, BenzingaRatingsTable reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada raised shares of Best Buy to a buy rating and lifted their price target for the company from $74.00 to $86.00 in a research note on Wednesday, November 27th. Wedbush restated a hold rating and set a $76.00 price objective on shares of Best Buy in a report on Tuesday, November 26th. ValuEngine lowered shares of Best Buy from a hold rating to a sell rating in a report on Monday, November 11th. Piper Jaffray Companies raised shares of Best Buy to a buy rating and boosted their price objective for the company from $86.00 to $97.00 in a research report on Wednesday, November 27th. Finally, Wolfe Research started coverage on shares of Best Buy in a research note on Tuesday, October 8th. They issued a buy rating and a $82.00 target price for the company. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $83.00.

NYSE:BBY opened at $87.73 on Thursday. Best Buy has a 1 year low of $47.72 and a 1 year high of $89.50. The stock has a 50-day moving average price of $78.85 and a two-hundred day moving average price of $71.41. The stock has a market cap of $22.70 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 1.69 and a beta of 1.14. The company has a current ratio of 1.05, a quick ratio of 0.27 and a debt-to-equity ratio of 1.10.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.10. Best Buy had a return on equity of 49.43% and a net margin of 3.54%. The company had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.71 billion. During the same quarter last year, the firm posted $0.93 earnings per share. Best Buy’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Best Buy will post 5.94 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.00 annualized dividend and a yield of 2.28%. Best Buy’s payout ratio is currently 37.59%.

In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $68.03, for a total transaction of $68,030.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $66.97, for a total value of $27,315,723.60. The disclosure for this sale can be found here. Insiders sold a total of 2,513,964 shares of company stock worth $196,498,732 over the last quarter. Company insiders own 0.95% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH lifted its stake in Best Buy by 15.2% in the second quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock valued at $87,262,000 after acquiring an additional 165,350 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Best Buy by 4.4% in the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after purchasing an additional 772,762 shares during the period. Hammer Asset Management LLC acquired a new stake in Best Buy in the 2nd quarter valued at about $1,388,000. Commonwealth Equity Services LLC lifted its stake in Best Buy by 7.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,242 shares of the technology retailer’s stock valued at $1,258,000 after purchasing an additional 1,209 shares during the last quarter. Finally, Keybank National Association OH acquired a new stake in Best Buy in the 3rd quarter valued at about $468,000. Institutional investors own 77.68% of the company’s stock.

About Best Buy

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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