Best Buy's (BBY) Buy Rating Reiterated at DA Davidson

DA Davidson reiterated their buy rating on shares of Best Buy (NYSE:BBY - Free Report) in a research note published on Monday morning,Benzinga reports. DA Davidson currently has a $110.00 target price on the technology retailer's stock.

A number of other research firms also recently commented on BBY. Jefferies Financial Group reduced their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company cut their price objective on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. Wedbush reaffirmed a "neutral" rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Telsey Advisory Group reduced their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Finally, Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $91.28.

Best Buy Trading Up 3.9 %

BBY traded up $2.34 during trading on Monday, reaching $61.97. 3,861,900 shares of the company's stock were exchanged, compared to its average volume of 3,266,844. The company's fifty day moving average price is $75.45 and its 200-day moving average price is $84.44. The firm has a market capitalization of $13.10 billion, a PE ratio of 10.59, a P/E/G ratio of 2.10 and a beta of 1.42. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the company earned $2.72 EPS. As a group, equities analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were issued a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.13%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is currently 88.99%.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company's stock.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently added to or reduced their stakes in BBY. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in Best Buy during the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. grew its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC increased its stake in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

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.