Best Buy (NYSE:BBY) Hits New 1-Year Low - Should You Sell?

Shares of Best Buy Co., Inc. (NYSE:BBY - Get Free Report) reached a new 52-week low during trading on Friday . The stock traded as low as $61.86 and last traded at $62.22, with a volume of 10728363 shares traded. The stock had previously closed at $75.73.

Analysts Set New Price Targets

BBY has been the subject of a number of recent analyst reports. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. Evercore ISI dropped their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Citigroup reiterated a "neutral" rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Jefferies Financial Group cut their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $91.28.

Best Buy Trading Up 13.5 %

The firm has a 50 day moving average of $78.43 and a 200-day moving average of $85.98. 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 firm has a market capitalization of $13.47 billion, a P/E ratio of 10.90, a PEG ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating 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 business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the previous year, the business earned $2.72 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.96%. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy's payout ratio is presently 88.99%.

Insider Buying and Selling

In other news, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the sale, the chief accounting officer now directly owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This represents a 12.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Large investors have recently added to or reduced their stakes in the company. Centiva Capital LP purchased a new position in shares of Best Buy during the third quarter valued at about $292,000. Quantinno Capital Management LP grew its holdings in shares of Best Buy by 107.0% during the 3rd quarter. Quantinno Capital Management LP now owns 29,172 shares of the technology retailer's stock worth $3,014,000 after acquiring an additional 15,077 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of Best Buy during the 3rd quarter worth approximately $1,689,000. iA Global Asset Management Inc. bought a new position in shares of Best Buy in the 3rd quarter worth approximately $378,000. Finally, MML Investors Services LLC lifted its stake in shares of Best Buy by 8.8% in the 3rd quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer's stock valued at $1,526,000 after purchasing an additional 1,193 shares during the period. 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.