Best Buy Co Inc (NYSE:BBY) gapped down before the market opened on Thursday . The stock had previously closed at $59.27, but opened at $57.83. Best Buy shares last traded at $56.87, with a volume of 3631669 shares.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a research note on Wednesday, October 3rd. Morgan Stanley boosted their price target on Best Buy from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 11th. Bank of America lowered Best Buy from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $92.00 to $70.00 in a research note on Tuesday, November 13th. Loop Capital restated a “buy” rating on shares of Best Buy in a research note on Tuesday, November 27th. Finally, Wedbush upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 price target on the stock in a research note on Wednesday, November 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $75.81.
The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $15.56 billion, a P/E ratio of 12.79, a PEG ratio of 1.02 and a beta of 1.18.
Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. The firm had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.56 billion. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co Inc will post 5.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 31st. Shareholders of record on Tuesday, December 11th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Monday, December 10th. Best Buy’s payout ratio is presently 40.72%.
In other Best Buy news, CFO Corie S. Barry sold 6,783 shares of the business’s stock in a transaction that occurred on Friday, October 19th. The stock was sold at an average price of $72.80, for a total value of $493,802.40. Following the completion of the transaction, the chief financial officer now directly owns 80,961 shares of the company’s stock, valued at $5,893,960.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.75% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Scout Investments Inc. lifted its holdings in Best Buy by 53.4% in the fourth quarter. Scout Investments Inc. now owns 473,934 shares of the technology retailer’s stock valued at $25,100,000 after acquiring an additional 165,074 shares during the period. New England Research & Management Inc. purchased a new stake in shares of Best Buy in the fourth quarter valued at approximately $344,000. State of Alaska Department of Revenue increased its position in shares of Best Buy by 4.5% in the fourth quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock valued at $2,819,000 after buying an additional 2,294 shares in the last quarter. CENTRAL TRUST Co increased its position in shares of Best Buy by 7.4% in the fourth quarter. CENTRAL TRUST Co now owns 8,485 shares of the technology retailer’s stock valued at $449,000 after buying an additional 585 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC increased its position in shares of Best Buy by 3.7% in the third quarter. Paradigm Asset Management Co. LLC now owns 9,850 shares of the technology retailer’s stock valued at $782,000 after buying an additional 350 shares in the last quarter. 84.48% of the stock is owned by institutional investors.
About Best Buy (NYSE:BBY)
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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