Best Buy (NYSE:BBY) Trading Down 0.7% – Here’s What Happened

Best Buy Co., Inc. (NYSE:BBY)’s stock price traded down 0.7% during mid-day trading on Wednesday . The company traded as low as $85.31 and last traded at $86.41. 622,775 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 2,979,554 shares. The stock had previously closed at $87.02.

Wall Street Analysts Forecast Growth

Several research firms have commented on BBY. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Citigroup lowered their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Bank of America boosted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Finally, BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Trading Up 0.1 %

The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $94.89 and its two-hundred day moving average is $88.51. The stock has a market cap of $18.65 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the firm earned $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

Institutional Trading of Best Buy

A number of large investors have recently modified their holdings of BBY. Ninety One UK Ltd bought a new position in Best Buy in the 2nd quarter worth about $121,325,000. Thrivent Financial for Lutherans boosted its position in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp grew its holdings in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Swedbank AB acquired a new stake in Best Buy in the 1st quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC raised its stake in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.