Best Buy (NYSE:BBY) Earns Buy Rating from Loop Capital

Loop Capital restated their buy rating on shares of Best Buy (NYSE:BBY) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $100.00 target price on the technology retailer’s stock.

BBY has been the topic of a number of other research reports. Wedbush upped their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. UBS Group cut their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Wells Fargo & Company lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. lifted 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

BBY opened at $85.55 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The firm has a 50 day moving average of $90.40 and a two-hundred day moving average of $90.53. The firm has a market capitalization of $18.29 billion, a PE ratio of 14.62, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period last year, the business earned $1.29 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts anticipate that Best Buy will post 6.18 EPS for the current 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 paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.40%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Richardson Financial Services Inc. grew its position in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the third quarter worth $40,000. LRI Investments LLC grew its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy in the 2nd quarter worth $35,000. Finally, Brooklyn Investment Group purchased a new position in shares of Best Buy during the 3rd quarter worth $44,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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.