Best Buy (NYSE:BBY) Stock Price Down 1.7% – What’s Next?

Shares of Best Buy Co., Inc. (NYSE:BBY) dropped 1.7% on Tuesday . The stock traded as low as $88.80 and last traded at $89.38. Approximately 743,377 shares changed hands during trading, a decline of 76% from the average daily volume of 3,056,944 shares. The stock had previously closed at $90.93.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Guggenheim decreased their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Loop Capital dropped their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Down 2.2 %

The firm’s 50 day simple moving average is $93.67 and its 200 day simple moving average is $89.50. The company has a market cap of $19.10 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 2.26 and a beta of 1.44. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.23%. Best Buy’s payout ratio is 64.27%.

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of BBY. QRG Capital Management Inc. increased its stake in Best Buy by 10.5% during the 3rd 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 period. GAMMA Investing LLC increased its stake in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares during the period. Asset Management One Co. Ltd. raised its holdings in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 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.