Best Buy (NYSE:BBY) Shares Down 0.5% – Here’s Why

Best Buy Co., Inc. (NYSE:BBY) shares were down 0.5% on Friday . The company traded as low as $87.82 and last traded at $87.95. Approximately 399,669 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 3,072,625 shares. The stock had previously closed at $88.40.

Analysts Set New Price Targets

Several brokerages have recently commented on BBY. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Telsey Advisory Group decreased their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. The Goldman Sachs Group upped their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Loop Capital decreased their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Price Performance

The company has a 50 day moving average price of $91.78 and a 200 day moving average price of $90.17. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.65 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.31%. Best Buy’s payout ratio is 64.27%.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently modified their holdings of BBY. Ninety One UK Ltd bought a new stake in Best Buy during the second quarter worth approximately $121,325,000. Thrivent Financial for Lutherans lifted its holdings in shares of Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $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% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the period. AQR Capital Management LLC raised its holdings in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. Finally, Raymond James & Associates boosted its holdings in Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after buying an additional 490,801 shares in the last quarter. Institutional investors 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.