Guggenheim Initiates Coverage on Best Buy (NYSE:BBY)

Guggenheim assumed coverage on shares of Best Buy (NYSE:BBY) in a research report report published on Monday, Briefing.com Automated Import reports. The brokerage issued a buy rating and a $80.00 price objective on the technology retailer’s stock.

A number of other equities research analysts have also recently weighed in on the company. Oppenheimer set a $22.00 price target on Par Pacific and gave the company a buy rating in a report on Monday, March 25th. Wedbush set a $79.00 price objective on Aimmune Therapeutics and gave the company a buy rating in a research report on Friday, May 24th. Zacks Investment Research lowered German American Bancorp. from a buy rating to a hold rating in a research report on Tuesday, April 30th. ValuEngine upgraded Wave Life Sciences from a buy rating to a strong-buy rating in a research report on Monday, March 11th. Finally, Evercore ISI assumed coverage on Polarityte in a research report on Wednesday, March 20th. They issued an outperform rating and a $26.00 price target on the stock. Thirteen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $77.67.

BBY stock opened at $73.75 on Monday. The company’s fifty day simple moving average is $67.22. Best Buy has a fifty-two week low of $47.72 and a fifty-two week high of $84.37. The firm has a market cap of $19.21 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.43 and a beta of 1.07. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The firm had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.14 billion. During the same period last year, the firm posted $0.82 EPS. The business’s revenue was up .4% on a year-over-year basis. As a group, equities research analysts forecast that Best Buy will post 5.74 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.71%. The ex-dividend date was Wednesday, June 12th. Best Buy’s payout ratio is presently 37.59%.

In other Best Buy news, insider Kathleen Scarlett sold 2,694 shares of Best Buy stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $64.33, for a total value of $173,305.02. Following the sale, the insider now owns 30,044 shares of the company’s stock, valued at approximately $1,932,730.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rajendra M. Mohan sold 2,620 shares of Best Buy stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $65.95, for a total value of $172,789.00. Following the completion of the sale, the chief operating officer now directly owns 117,539 shares in the company, valued at approximately $7,751,697.05. The disclosure for this sale can be found here. Insiders have sold a total of 1,642,656 shares of company stock worth $114,057,554 in the last ninety days. 0.95% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Citizens Bank & Trust Co. boosted its holdings in shares of Best Buy by 0.5% during the second quarter. First Citizens Bank & Trust Co. now owns 39,465 shares of the technology retailer’s stock worth $2,752,000 after acquiring an additional 204 shares during the period. AMF Pensionsforsakring AB boosted its holdings in shares of Best Buy by 2.2% during the second quarter. AMF Pensionsforsakring AB now owns 286,596 shares of the technology retailer’s stock worth $19,984,000 after acquiring an additional 6,303 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in shares of Best Buy during the second quarter worth approximately $216,000. Chesley Taft & Associates LLC bought a new stake in shares of Best Buy during the second quarter worth approximately $394,000. Finally, Retirement Systems of Alabama boosted its holdings in shares of Best Buy by 78.2% during the second quarter. Retirement Systems of Alabama now owns 194,276 shares of the technology retailer’s stock worth $13,547,000 after acquiring an additional 85,261 shares during the period. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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