Best Buy Co., Inc. (NYSE:BBY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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.”
Other analysts have also issued reports about the company. Barclays PLC reissued a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a report on Monday, August 28th. Deutsche Bank AG reissued a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a report on Thursday, August 3rd. Piper Jaffray Companies reissued a “buy” rating and issued a $70.00 price objective on shares of Best Buy Co. in a report on Thursday, August 3rd. BidaskClub raised Best Buy Co. from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, 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. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Best Buy Co. presently has an average rating of “Buy” and a consensus target price of $58.97.
Shares of Best Buy Co. (BBY) traded up $0.29 during midday trading on Tuesday, hitting $56.97. The stock had a trading volume of 3,958,200 shares, compared to its average volume of 4,421,985. Best Buy Co. has a twelve month low of $38.56 and a twelve month high of $63.32. The stock has a market capitalization of $16,957.78, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.14 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.69 and a current ratio of 1.42.
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, topping the Zacks’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the previous year, the company earned $0.57 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. research analysts expect that Best Buy Co. will post 4.06 EPS for the current fiscal year.
In other Best Buy Co. news, VP Mathew Watson sold 1,129 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $61,733.72. Following the completion of the sale, the vice president now directly owns 17,764 shares in the company, valued at $971,335.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $57.26, for a total value of $179,452.84. The disclosure for this sale can be found here. Insiders sold 166,259 shares of company stock valued at $9,182,693 over the last 90 days. 0.84% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Renaissance Technologies LLC lifted its position in 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 purchasing an additional 3,119,700 shares during the period. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 866,787 shares during the period. Parametric Portfolio Associates LLC lifted its position in Best Buy Co. by 125.4% in 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 during the period. APG Asset Management N.V. lifted its position in Best Buy Co. by 27.6% in 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 during the period. Finally, 1060 Capital LLC acquired a new stake in Best Buy Co. in the third quarter worth approximately $35,849,000. Hedge funds and other institutional investors 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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