Goldman Sachs Group Initiates Coverage on Best Buy (NYSE:BBY)

Goldman Sachs Group assumed coverage on shares of Best Buy (NYSE:BBY) in a report published on Thursday, 24/7 WallStreet reports. The firm issued a neutral rating and a $73.00 price objective on the technology retailer’s stock.

Several other brokerages have also issued reports on BBY. Guggenheim began coverage on Best Buy in a report on Monday, July 8th. They set a buy rating and a $80.00 price target for the company. Cleveland Research reiterated a neutral rating on shares of Best Buy in a report on Tuesday, June 18th. 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 target on Aimmune Therapeutics and gave the company a buy rating in a report on Friday, May 24th. Finally, Jefferies Financial Group lowered MACOM Technology Solutions from a buy rating to a hold rating and reduced their price target for the company from $18.00 to $15.00 in a report on Wednesday, April 24th. Thirteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $77.67.

Shares of Best Buy stock opened at $74.77 on Thursday. The firm has a market cap of $19.97 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 1.48 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. Best Buy has a 52-week low of $47.72 and a 52-week high of $84.37. The firm’s 50-day moving average price is $67.41.

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

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $2.00 dividend on an annualized basis and a yield of 2.67%. Best Buy’s dividend payout ratio is presently 37.59%.

In other Best Buy news, CEO Hubert Joly sold 600,826 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $64.42, for a total value of $38,705,210.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rajendra M. Mohan sold 30,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $73.92, for a total value of $2,217,600.00. The disclosure for this sale can be found here. Insiders sold 1,642,656 shares of company stock valued at $114,057,554 in the last quarter. 0.95% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the business. FMR LLC increased its holdings in shares of Best Buy by 0.9% in the first quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock worth $1,688,517,000 after acquiring an additional 215,871 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Best Buy by 1.7% in the first quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock worth $1,236,916,000 after acquiring an additional 295,060 shares in the last quarter. Norges Bank bought a new stake in shares of Best Buy in the fourth quarter worth about $145,454,000. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Best Buy by 5.5% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,471,392 shares of the technology retailer’s stock worth $130,885,000 after acquiring an additional 128,144 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,414,905 shares of the technology retailer’s stock worth $127,879,000 after acquiring an additional 171,050 shares in the last quarter. Institutional investors own 78.78% of the company’s stock.

About Best Buy

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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