Best Buy (NYSE:BBY) Shares Down 0.7% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wells Fargo & Company increased their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Citigroup lowered their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Stock Up 0.1 %

The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm’s 50-day moving average is $94.89 and its 200 day moving average is $88.51. The firm has a market capitalization of $18.65 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.33%. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ninety One UK Ltd acquired a new stake in shares of Best Buy during the 2nd quarter worth about $121,325,000. Thrivent Financial for Lutherans lifted its stake 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 valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp boosted its position 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 last quarter. Swedbank AB purchased a new stake in Best Buy in the 1st quarter worth approximately $43,522,000. Finally, AQR Capital Management LLC raised its holdings in 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 valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.