Best Buy (NYSE:BBY) Trading Down 1.5% – Should You Sell?

Shares of Best Buy Co., Inc. (NYSE:BBY) were down 1.5% during trading on Thursday . The stock traded as low as $84.42 and last traded at $84.71. Approximately 496,713 shares were traded during trading, a decline of 84% from the average daily volume of 3,076,615 shares. The stock had previously closed at $86.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BBY shares. The Goldman Sachs Group upped 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. Wells Fargo & Company dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Evercore ISI lifted their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Finally, Guggenheim decreased their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Trading Up 0.4 %

The company’s fifty day moving average price is $90.40 and its two-hundred day moving average price is $90.53. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.29 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the previous year, the company posted $1.29 earnings per share. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.40%. Best Buy’s payout ratio is 64.27%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the 3rd quarter worth about $40,000. LRI Investments LLC boosted its stake in shares of Best Buy by 632.1% during the 3rd 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. Innealta Capital LLC acquired a new stake in shares of Best Buy in the second quarter valued at about $35,000. Finally, Brooklyn Investment Group bought a new stake in Best Buy during the third quarter worth about $44,000. Institutional investors and hedge funds 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.