Best Buy (NYSE:BBY) Given Sector Weight Rating at KeyCorp

KeyCorp reaffirmed their sector weight rating on shares of Best Buy (NYSE:BBY) in a report issued on Wednesday morning,Benzinga reports.

Other analysts have also recently issued reports about the company. Wedbush restated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday. Telsey Advisory Group lowered their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley lowered their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research report on Friday, February 28th. Finally, Guggenheim lowered their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Stock Up 0.2 %

Shares of BBY stock opened at $75.36 on Wednesday. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The firm has a market cap of $16.11 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock has a 50 day moving average of $85.97 and a 200-day moving average of $90.51. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the company earned $2.72 earnings per share. On average, equities analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several large investors have recently made changes to their positions in BBY. Rakuten Securities Inc. lifted its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at $31,000. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. lifted its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC lifted its stake in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 374 shares during the period. Institutional investors and hedge funds 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.