Best Buy (NYSE:BBY) Earns Sector Weight Rating from KeyCorp

KeyCorp reissued their sector weight rating on shares of Best Buy (NYSE:BBY) in a research note issued to investors on Wednesday morning,Benzinga reports.

Several other equities research analysts also recently issued reports on BBY. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday. Morgan Stanley lowered their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday. Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. UBS Group restated a “buy” rating and issued a $105.00 price target (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. Finally, Telsey Advisory Group lowered their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 0.2 %

NYSE:BBY opened at $75.36 on Wednesday. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The business’s 50-day moving average price is $85.97 and its two-hundred day moving average price is $90.51. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $16.11 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the firm posted $2.72 earnings per share. On average, equities analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.04%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Buying and Selling at Best Buy

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

Institutional Trading of Best Buy

A number of hedge funds have recently made changes to their positions in BBY. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at approximately $40,000. National Pension Service lifted its position in shares of Best Buy by 18.1% in the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock valued at $41,062,000 after buying an additional 60,880 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the last quarter. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Best Buy in the third quarter valued at approximately $817,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.