Best Buy Co Inc (BBY) Given Consensus Rating of “Hold” by Brokerages

Shares of Best Buy Co Inc (NYSE:BBY) have earned a consensus rating of “Hold” from the twenty analysts that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $80.40.

Several equities research analysts have issued reports on BBY shares. ValuEngine raised Best Buy from a “hold” rating to a “buy” rating in a research note on Thursday, July 19th. Zacks Investment Research raised Best Buy from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Monday, July 16th. Bank of America reissued a “buy” rating and set a $92.00 target price on shares of Best Buy in a research note on Tuesday, August 28th. Barclays reissued a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Wednesday, August 29th. Finally, Raymond James raised their target price on Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th.

In other news, SVP Mathew Watson sold 2,131 shares of Best Buy stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total value of $165,962.28. Following the completion of the sale, the senior vice president now directly owns 18,131 shares of the company’s stock, valued at $1,412,042.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Keith J. Nelsen sold 33,473 shares of Best Buy stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Insiders sold 76,711 shares of company stock valued at $6,081,426 over the last ninety days. Insiders own 0.75% of the company’s stock.



Hedge funds and other institutional investors have recently modified their holdings of the company. NuWave Investment Management LLC grew its stake in shares of Best Buy by 7,828.4% in the third quarter. NuWave Investment Management LLC now owns 5,312 shares of the technology retailer’s stock valued at $421,000 after buying an additional 5,245 shares in the last quarter. Andesa Financial Management Inc. acquired a new position in Best Buy during the 2nd quarter worth $424,000. Schroder Investment Management Group grew its stake in Best Buy by 1.1% during the 2nd quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock worth $4,884,000 after purchasing an additional 725 shares in the last quarter. Lido Advisors LLC acquired a new position in Best Buy during the 2nd quarter worth $299,000. Finally, Principal Financial Group Inc. grew its stake in Best Buy by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 970,027 shares of the technology retailer’s stock worth $67,891,000 after purchasing an additional 53,983 shares in the last quarter. 85.14% of the stock is owned by institutional investors and hedge funds.

Shares of Best Buy stock opened at $70.16 on Thursday. Best Buy has a one year low of $52.92 and a one year high of $84.37. The company has a market cap of $18.79 billion, a P/E ratio of 15.87, a P/E/G ratio of 1.05 and a beta of 0.98. The company has a current ratio of 1.21, a quick ratio of 0.52 and a debt-to-equity ratio of 0.25.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.08. The firm had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. On average, research analysts predict that Best Buy will post 5.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Tuesday, September 18th were paid a $0.45 dividend. The ex-dividend date was Monday, September 17th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.57%. Best Buy’s payout ratio is presently 40.72%.

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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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