Morgan Stanley reaffirmed their equal weight rating on shares of Best Buy Co. (NYSE:BBY) in a report released on Tuesday, ARN reports.
“BBY could be a beneficiary of Sears’ further decline given high store overlap and SHLD’s $10B in Appliances and CE revenue. SHLD has posted 8+ years of consecutive negative comps, with $10B+ in lost sales since 2006 in Sears Domestic and K-Mart, and the company continues to close stores.,” Morgan Stanley’s analyst wrote.
Several other analysts have also recently commented on the stock. Analysts at Bank of America Corp. reiterated a hold rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Friday, September 13th. They now have a $38.00 price target on the stock. Separately, analysts at BB&T Corp. raised their price target on shares of Best Buy Co. (NYSE:BBY) from $42.00 to $45.00 in a research note to investors on Friday, September 13th. They now have a buy rating on the stock. Finally, analysts at Merrill Lynch upgraded shares of Best Buy Co. (NYSE:BBY) from an underperform rating to a neutral rating in a research note to investors on Wednesday, September 4th.
Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the stock. Best Buy Co. presently has a consensus rating of Buy and an average target price of $38.11.
Shares of Best Buy Co. (NYSE:BBY) opened at 39.05 on Tuesday. Best Buy Co. has a 52-week low of $11.20 and a 52-week high of $39.19. The stock has a 50-day moving average of $34.39 and a 200-day moving average of $27.85. The company’s market cap is $13.336 billion.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Friday, September 6th.
In other Best Buy Co. news, Chairman Richard M. Schulze unloaded 462,337 shares of Best Buy Co. stock on the open market in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $37.39, for a total transaction of $17,286,780.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.