Best Buy (BBY) Given a $38.00 Price Target at Wedbush

Wedbush set a $38.00 price target on Best Buy (NYSE:BBY) in a report released on Monday morning. The brokerage currently has a sell rating on the technology retailer’s stock.

Other research analysts also recently issued research reports about the stock. Piper Jaffray Companies reaffirmed a buy rating and set a $68.00 price objective on shares of Best Buy in a research note on Thursday, September 21st. UBS Group reiterated a buy rating and set a $57.00 target price (down previously from $60.00) on shares of Best Buy in a report on Wednesday, September 20th. Loop Capital reiterated a buy rating and set a $72.00 target price on shares of Best Buy in a report on Wednesday, September 20th. Zacks Investment Research cut Best Buy from a buy rating to a hold rating in a report on Friday, October 13th. Finally, Oppenheimer reiterated a hold rating on shares of Best Buy in a report on Wednesday, September 20th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $59.14.

Best Buy (BBY) traded up $0.09 during midday trading on Monday, hitting $69.78. 3,177,194 shares of the stock were exchanged, compared to its average volume of 3,836,283. Best Buy has a one year low of $41.67 and a one year high of $70.22. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.25. The firm has a market cap of $20,400.00, a P/E ratio of 17.67, a P/E/G ratio of 1.46 and a beta of 1.38.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.78. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The company had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the prior year, the company posted $0.60 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. analysts expect that Best Buy will post 4 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend was Wednesday, December 6th. Best Buy’s dividend payout ratio is presently 34.43%.

In other Best Buy news, major shareholder Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total value of $58,800,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Richard M. Schulze sold 250,000 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $66.83, for a total value of $16,707,500.00. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $115,782,975. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,134,253 shares of company stock valued at $191,063,125. 0.84% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in shares of Best Buy by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after buying an additional 3,119,700 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 27.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock valued at $228,696,000 after buying an additional 866,787 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Best Buy by 125.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock valued at $79,563,000 after buying an additional 772,200 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of Best Buy by 27.6% during the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after buying an additional 723,500 shares during the last quarter. Finally, 1060 Capital LLC purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $35,849,000. Hedge funds and other institutional investors own 88.45% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Best Buy (BBY) Given a $38.00 Price Target at Wedbush” was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this article on another website, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The legal version of this article can be accessed at https://www.com-unik.info/2018/01/09/best-buy-bby-given-a-38-00-price-target-at-wedbush.html.

Best Buy 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.

Analyst Recommendations for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit