Today, Best Buy Co. (BBY) Cut to Sell at Evercore ISI

Today, Best Buy Co. (BBY) Cut to Sell at Evercore ISI

Best Buy Co. (NYSE:BBY) was downgraded by Evercore ISI from a “hold” rating to a “sell” rating in a report issued on Tuesday. The analysts noted that the move was a valuation call.

Several other analysts also recently commented on the stock. Vetr upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $34.32 price target for the company in a research report on Tuesday, August 16th. Jefferies Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and reduced their price target for the company from $39.00 to $36.00 in a research report on Monday, August 15th. Raymond James Financial Inc. upped their price target on shares of Best Buy from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, August 24th. Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $44.00 price target for the company in a research report on Monday, November 7th. Finally, Wedbush reiterated a “buy” rating and issued a $20.50 price target on shares of Best Buy in a research report on Wednesday, August 17th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $37.67.

Shares of Best Buy (NYSE:BBY) traded down 0.81% on Tuesday, reaching $46.58. 2,718,618 shares of the company traded hands. The company has a 50-day moving average of $40.31 and a 200-day moving average of $35.40. The stock has a market capitalization of $14.73 billion, a price-to-earnings ratio of 13.90 and a beta of 1.51. Best Buy has a 1-year low of $25.31 and a 1-year high of $47.29.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.15. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The business had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter last year, the business earned $0.41 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts anticipate that Best Buy will post $3.27 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio is currently 33.73%.

Several large investors have recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in shares of Best Buy by 170.5% in the third quarter. Ameriprise Financial Inc. now owns 5,710,836 shares of the technology retailer’s stock worth $218,033,000 after buying an additional 3,599,363 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Best Buy by 40.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,814,209 shares of the technology retailer’s stock worth $116,715,000 after buying an additional 1,095,720 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Best Buy by 89.3% in the third quarter. Prudential Financial Inc. now owns 1,859,290 shares of the technology retailer’s stock worth $70,988,000 after buying an additional 876,968 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Best Buy by 200.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,296,280 shares of the technology retailer’s stock worth $35,926,000 after buying an additional 865,211 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Best Buy by 94.8% in the third quarter. Two Sigma Advisers LP now owns 1,455,593 shares of the technology retailer’s stock worth $55,575,000 after buying an additional 708,503 shares in the last quarter. Institutional investors and hedge funds own 86.47% of the company’s stock.

Best Buy Company Profile

Related posts

Leave a Comment