Best Buy (NYSE:BBY) Shares Down 0.1% – Here’s Why

Best Buy Co., Inc. (NYSE:BBY) dropped 0.1% during mid-day trading on Wednesday . The stock traded as low as $87.83 and last traded at $88.87. Approximately 512,373 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,060,345 shares. The stock had previously closed at $88.97.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. UBS Group lowered their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

The business’s fifty day simple moving average is $93.47 and its 200-day simple moving average is $89.61. The firm has a market cap of $19.41 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 2.28 and a beta of 1.44. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.29 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BBY. Richardson Financial Services Inc. lifted its position in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC purchased a new position in Best Buy in the second quarter worth about $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the third quarter worth about $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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.