Best Buy (NYSE:BBY) Given Buy Rating at Loop Capital

Loop Capital reiterated their buy rating on shares of Best Buy (NYSE:BBY) in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a $100.00 target price on the technology retailer’s stock.

Several other equities analysts also recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Melius Research assumed coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Trading Down 1.7 %

Shares of Best Buy stock opened at $86.01 on Wednesday. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $90.89 and its 200-day moving average is $90.58. The stock has a market cap of $18.39 billion, a P/E ratio of 14.70, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period last year, the business earned $1.29 EPS. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.37%. Best Buy’s payout ratio is currently 64.27%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the company. Park Avenue Securities LLC raised its stake in shares of Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust increased its position in shares of Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC lifted its holdings in Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after acquiring an additional 118 shares during the period. Tobam boosted its position in Best Buy by 15.6% in the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC increased its position in shares of Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.