Best Buy (NYSE:BBY) Given Neutral Rating at Wedbush


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Wedbush reaffirmed their neutral rating on shares of Best Buy (NYSE:BBY) in a research note released on Monday morning, Benzinga reports. Wedbush currently has a $125.00 price objective on the technology retailer’s stock, down from their prior price objective of $135.00.

Other analysts also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of Best Buy from $120.00 to $110.00 and set an equal weight rating on the stock in a research report on Thursday, March 4th. Raymond James decreased their price objective on shares of Best Buy from $150.00 to $120.00 and set an outperform rating on the stock in a research report on Thursday, March 4th. Bank of America restated a buy rating on shares of Best Buy in a research report on Tuesday, February 16th. UBS Group raised their price objective on shares of Best Buy from $110.00 to $120.00 and gave the company a neutral rating in a research report on Thursday, February 25th. Finally, Royal Bank of Canada decreased their price objective on shares of Best Buy from $130.00 to $114.00 and set a sector perform rating on the stock in a research report on Thursday, March 4th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $111.05.

BBY opened at $117.47 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Best Buy has a 1-year low of $70.71 and a 1-year high of $124.89. The company has a market capitalization of $29.37 billion, a PE ratio of 17.85, a PEG ratio of 1.40 and a beta of 1.52. The firm’s 50 day simple moving average is $117.80 and its two-hundred day simple moving average is $112.64.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Wednesday, February 24th. The technology retailer reported $3.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.46 by $0.02. Best Buy had a net margin of 3.79% and a return on equity of 52.17%. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $17.19 billion. Equities analysts forecast that Best Buy will post 7.9 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 8th. Investors of record on Thursday, March 18th were issued a dividend of $0.70 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, March 17th. This represents a $2.80 dividend on an annualized basis and a yield of 2.38%. Best Buy’s dividend payout ratio (DPR) is presently 46.13%.

In other news, CAO Mathew Watson sold 567 shares of the business’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total value of $64,569.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen Scarlett sold 1,078 shares of the business’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total transaction of $122,762.64. The disclosure for this sale can be found here. Insiders have sold a total of 41,821 shares of company stock valued at $4,923,594 in the last quarter. 0.64% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of BBY. Ropes Wealth Advisors LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $26,000. Ellevest Inc. grew its position in shares of Best Buy by 476.1% in the 4th quarter. Ellevest Inc. now owns 265 shares of the technology retailer’s stock worth $26,000 after buying an additional 219 shares during the last quarter. West Financial Advisors LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $27,000. Fieldpoint Private Securities LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $28,000. Finally, Paces Ferry Wealth Advisors LLC purchased a new position in shares of Best Buy in the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 76.56% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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