Best Buy Co Inc (BBY) was Downgraded by Jefferies to ” Hold” while Lowering the Price Target of the company shares to $ 36 from a previous price target of $39 . Earlier the firm had a rating of “Buy ” on the company shares. Jefferies advised their investors in a research report released on Aug 15, 2016.
Many Wall Street Analysts have commented on Best Buy Co Inc. Best Buy Co Inc was Downgraded by Credit Suisse to ” Neutral” on Jun 15, 2016. Shares were Reiterated by Telsey Advisory Group on May 25, 2016 to “Outperform” and Lowered the Price Target to $ 36 from a previous price target of $38 .Shares were Downgraded by Deutsche Bank on May 25, 2016 to ” Hold” and Lowered the Price Target to $ 32 from a previous price target of $38 .
On the company’s financial health, Best Buy Co Inc reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on May 24, 2016. Analyst had a consensus of $0.35. The company had revenue of $8443.00 million for the quarter, compared to analysts expectations of $8295.77 million. The company’s revenue was down -1.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.37 EPS.
Best Buy Co Inc opened for trading at $34.47 and hit $35.46 on the upside on Friday, eventually ending the session at $34.87, with a gain of 0.72% or 0.25 points. The heightened volatility saw the trading volume jump to 64,63,013 shares. Company has a market cap of $11,254 M.
Investors should note that on Jun 22, 2016, Best Buy Co Inc announced a cash dividend of $0.1250. The company’s management has announced Sep 14, 2016 as the ex-dividend date and fixed the record date on Sep 16, 2016. The payable date has been fixed on Oct 18, 2016.
In a different news, on Jun 3, 2016, Hubert Joly (Chairman & CEO) sold 398,000 shares at $32.24 per share price. According to the SEC, on Jun 1, 2016, Mathew Watson (VP, Finance – Contr. & CAO) sold 1,363 shares at $32.10 per share price. On Mar 11, 2016, Sharon Mccollam (Chief Admin Officer & CFO) sold 511,897 shares at $34.15 per share price, according to the Form-4 filing with the securities and exchange commission.
Best Buy Co. Inc. is a provider of technology products services and solutions. The Company offers service to the consumers small business owners and educators who visit its stores engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States Canada and Mexico. It operates through two segments: Domestic and International. The Domestic segment consists of all operations within the United States and its territories operating e-commerce retail store and call center operations under a range of brand names including Best Buy (bestbuy.com) Best Buy Mobile Geek Squad Magnolia Audio Video and Pacific Sales. The International segment consists of all operations outside the United States and its territories. In addition the Company operates Magnolia Home Theater Magnolia Design Center and Pacific Kitchen and Home store-within-a-store experiences in the United States Best Buy stores.