Vetr lowered shares of Best Buy Co. (NYSE:BBY) from a buy rating to a hold rating in a research report released on Thursday morning. Vetr currently has $41.40 target price on the technology retailer’s stock.
BBY has been the topic of several other research reports. Citigroup Inc. upped their price objective on shares of Best Buy from $32.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, August 24th. BTIG Research restated a buy rating on shares of Best Buy in a report on Tuesday, August 2nd. Deutsche Bank AG upped their price objective on shares of Best Buy from $32.00 to $41.00 and gave the company a hold rating in a report on Wednesday, August 24th. Bank of America Corp. restated a sell rating and set a $29.00 price objective on shares of Best Buy in a report on Wednesday, August 24th. Finally, Piper Jaffray Cos. restated a buy rating and set a $31.00 price objective on shares of Best Buy in a report on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $37.78.
Shares of Best Buy (NYSE:BBY) opened at 39.47 on Thursday. The company has a market cap of $12.52 billion, a PE ratio of 12.84 and a beta of 1.47. The stock’s 50 day moving average is $38.28 and its 200 day moving average is $33.71. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The firm had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts forecast that Best Buy will post $3.05 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Friday, September 9th. Best Buy’s dividend payout ratio is presently 36.48%.
In other news, VP Mathew Watson sold 1,030 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total transaction of $40,633.50. Following the completion of the transaction, the vice president now directly owns 18,876 shares in the company, valued at approximately $744,658.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.21% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Aperio Group LLC boosted its position in Best Buy by 19.0% in the first quarter. Aperio Group LLC now owns 89,183 shares of the technology retailer’s stock worth $2,893,000 after buying an additional 14,216 shares in the last quarter. Franklin Resources Inc. boosted its position in Best Buy by 29.9% in the first quarter. Franklin Resources Inc. now owns 2,103,411 shares of the technology retailer’s stock worth $68,235,000 after buying an additional 484,490 shares in the last quarter. BlackRock Group LTD boosted its position in Best Buy by 0.8% in the first quarter. BlackRock Group LTD now owns 2,831,315 shares of the technology retailer’s stock worth $91,849,000 after buying an additional 23,643 shares in the last quarter. BlackRock Japan Co. Ltd boosted its position in Best Buy by 3.4% in the first quarter. BlackRock Japan Co. Ltd now owns 409,542 shares of the technology retailer’s stock worth $13,286,000 after buying an additional 13,568 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Best Buy by 44,285.7% in the first quarter. Bessemer Group Inc. now owns 31,070 shares of the technology retailer’s stock worth $1,008,000 after buying an additional 31,000 shares in the last quarter. Institutional investors and hedge funds own 87.66% of the company’s stock.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.