Best Buy Co., Inc. (NYSE:BBY) Sees Significant Growth in Short Interest

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) was the recipient of a significant increase in short interest in February. As of February 15th, there was short interest totalling 16,490,000 shares, an increase of 20.4% from the January 31st total of 13,700,000 shares. Based on an average daily trading volume, of 2,990,000 shares, the days-to-cover ratio is currently 5.5 days. Currently, 8.4% of the shares of the stock are sold short.

Best Buy Price Performance

Shares of BBY stock traded up $1.06 during trading hours on Friday, hitting $79.66. 3,116,016 shares of the company's stock were exchanged, compared to its average volume of 2,963,150. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market capitalization of $17.03 billion, a PE ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. The business's 50 day simple moving average is $85.58 and its 200-day simple moving average is $90.46.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter last year, the business earned $2.72 earnings per share. On average, equities research analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

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Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

Several large investors have recently added to or reduced their stakes in BBY. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the third quarter valued at $40,000. National Pension Service boosted its holdings in Best Buy by 18.1% in the third quarter. National Pension Service now owns 397,504 shares of the technology retailer's stock valued at $41,062,000 after acquiring an additional 60,880 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock valued at $9,332,000 after acquiring an additional 19,405 shares in the last quarter. QRG Capital Management Inc. lifted its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock valued at $3,279,000 after buying an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC purchased a new position in Best Buy during the third quarter valued at $817,000. Institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays lowered 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 report on Thursday, January 9th. Morgan Stanley lowered their target price on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Finally, Citigroup lowered their target price on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of "Moderate Buy" and a consensus target price of $93.50.

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.