Best Buy (NYSE:BBY) Shares Down 0.1% - Here's Why

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) was down 0.1% on Wednesday . The company traded as low as $87.83 and last traded at $88.87. Approximately 512,373 shares traded hands during trading, a decline of 83% from the average daily volume of 3,060,345 shares. The stock had previously closed at $88.97.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BBY shares. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. UBS Group reduced their price objective on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Telsey Advisory Group reduced their price objective on Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a report on Tuesday, November 26th. DA Davidson restated a "buy" rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Finally, Wells Fargo & Company reduced their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $101.06.

Best Buy Stock Up 1.6 %

The firm's fifty day moving average price is $93.47 and its 200-day moving average price is $89.61. The company has a market capitalization of $19.41 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 2.28 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.29 earnings per share. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date is Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently added to or reduced their stakes in BBY. Park Avenue Securities LLC grew its position in shares of Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer's stock valued at $855,000 after acquiring an additional 103 shares during the period. Greenleaf Trust grew its position in shares of Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock valued at $977,000 after acquiring an additional 108 shares during the period. SeaCrest Wealth Management LLC grew its position in shares of Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock valued at $276,000 after acquiring an additional 118 shares during the period. Tobam grew its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer's stock valued at $75,000 after acquiring an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC grew its position in shares of Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer's stock valued at $360,000 after acquiring an additional 124 shares during the period. 80.96% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.