Short Interest in Best Buy Co Inc (NYSE:BBY) Drops By 5.3%

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Best Buy Co Inc (NYSE:BBY) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 6,020,000 shares, a decline of 5.3% from the October 31st total of 6,360,000 shares. Based on an average daily trading volume, of 2,490,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 2.6% of the company’s shares are short sold.

Several equities analysts recently issued reports on BBY shares. Barclays upgraded Best Buy to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research report on Wednesday, November 27th. Zacks Investment Research lowered Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price objective for the company. in a research report on Thursday, November 7th. Wolfe Research started coverage on Best Buy in a research report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price objective for the company. Wedbush reiterated a “hold” rating and issued a $76.00 price objective on shares of Best Buy in a research report on Tuesday, November 26th. Finally, Telsey Advisory Group boosted their price objective on Best Buy from $70.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $82.47.

In other news, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $68.03, for a total transaction of $68,030.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $66.97, for a total value of $27,315,723.60. The disclosure for this sale can be found here. Insiders have sold a total of 408,913 shares of company stock valued at $27,386,014 over the last 90 days. Corporate insiders own 0.95% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Virtus ETF Advisers LLC acquired a new position in Best Buy during the 2nd quarter worth approximately $25,000. TRUE Private Wealth Advisors bought a new stake in shares of Best Buy during the 2nd quarter worth approximately $27,000. Advisors Preferred LLC bought a new stake in shares of Best Buy during the 2nd quarter worth approximately $27,000. Whittier Trust Co. raised its stake in shares of Best Buy by 138.4% during the 3rd quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock worth $38,000 after purchasing an additional 321 shares in the last quarter. Finally, Rational Advisors LLC raised its stake in shares of Best Buy by 168.3% during the 3rd quarter. Rational Advisors LLC now owns 550 shares of the technology retailer’s stock worth $38,000 after purchasing an additional 345 shares in the last quarter. 75.60% of the stock is owned by hedge funds and other institutional investors.

NYSE:BBY opened at $80.64 on Monday. Best Buy has a twelve month low of $47.72 and a twelve month high of $83.63. The company has a quick ratio of 0.39, a current ratio of 1.05 and a debt-to-equity ratio of 1.10. The business has a 50 day moving average price of $73.72 and a two-hundred day moving average price of $69.71. The company has a market cap of $21.28 billion, a P/E ratio of 15.16, a price-to-earnings-growth ratio of 1.74 and a beta of 1.14.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.10. Best Buy had a return on equity of 49.43% and a net margin of 3.54%. The firm had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.71 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The business’s revenue was up 2.1% on a year-over-year basis. As a group, analysts anticipate that Best Buy will post 5.92 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Monday, December 16th. Best Buy’s dividend payout ratio (DPR) is currently 37.59%.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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