Best Buy (BBY) Now Covered by Analysts at Moffett Nathanson

Moffett Nathanson started coverage on shares of Best Buy (NYSE:BBY) in a report published on Monday morning. The brokerage issued a sell rating on the technology retailer’s stock.

BBY has been the topic of several other research reports. Barclays reaffirmed a buy rating and issued a $65.00 target price on shares of Best Buy in a report on Monday, August 28th. KeyCorp reaffirmed a hold rating on shares of Best Buy in a report on Friday, November 10th. Wedbush set a $32.00 target price on shares of Best Buy and gave the company a sell rating in a report on Wednesday, November 29th. Zacks Investment Research raised shares of Best Buy from a hold rating to a buy rating and set a $66.00 target price on the stock in a report on Tuesday, October 10th. Finally, Deutsche Bank set a $56.00 target price on shares of Best Buy and gave the company a hold rating in a report on Friday, November 17th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Best Buy has a consensus rating of Hold and a consensus target price of $58.81.

Shares of Best Buy (NYSE:BBY) traded up $2.20 on Monday, hitting $62.55. 6,917,800 shares of the stock traded hands, compared to its average volume of 4,478,901. The firm has a market capitalization of $17,641.90, a PE ratio of 15.01, a PEG ratio of 1.25 and a beta of 1.40. Best Buy has a 1-year low of $41.67 and a 1-year high of $63.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The business had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. equities research analysts forecast that Best Buy will post 4.03 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $1.36 annualized dividend and a yield of 2.17%. Best Buy’s dividend payout ratio is currently 34.34%.

In other news, insider Shari L. Ballard sold 40,018 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the transaction, the insider now directly owns 99,304 shares in the company, valued at $5,578,898.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total transaction of $566,734.53. Following the transaction, the insider now owns 25,690 shares in the company, valued at $1,348,468.10. The disclosure for this sale can be found here. Insiders sold 1,098,184 shares of company stock worth $64,306,062 over the last quarter. 0.84% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Spectrum Management Group Inc. lifted its holdings in Best Buy by 25.7% in the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after acquiring an additional 4,405 shares during the period. Commerzbank Aktiengesellschaft FI lifted its holdings in Best Buy by 18.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after acquiring an additional 13,150 shares during the period. Viking Fund Management LLC lifted its holdings in Best Buy by 66.7% in the third quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock valued at $570,000 after acquiring an additional 4,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Best Buy by 23.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after acquiring an additional 34,345 shares during the period. Finally, Denali Advisors LLC acquired a new stake in Best Buy in the third quarter valued at $740,000. Institutional investors and hedge funds own 86.50% of the company’s stock.

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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)

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