Best Buy (NYSE:BBY) Sets New 1-Year Low - Time to Sell?

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) shares hit a new 52-week low on Thursday . The company traded as low as $54.99 and last traded at $63.74, with a volume of 12476150 shares changing hands. The stock had previously closed at $56.17.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BBY. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Barclays cut their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Finally, Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Trading Down 1.0 %

The firm has a market cap of $12.93 billion, a P/E ratio of 10.46, a PEG ratio of 2.10 and a beta of 1.42. The business has a 50 day moving average of $76.97 and a two-hundred day moving average of $85.07. 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 (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same period last year, the firm posted $2.72 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm 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 dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 6.21%. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now owns 32,320 shares of the company's stock, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company's stock.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of the business. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth $32,000. Atlas Capital Advisors Inc. boosted its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC grew its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the last quarter. 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.