Best Buy (NYSE:BBY) Shares Down 0.8% - What's Next?

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) shares fell 0.8% during trading on Tuesday . The stock traded as low as $86.53 and last traded at $86.88. 547,380 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,077,612 shares. The stock had previously closed at $87.62.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent analyst reports. Barclays boosted their target price on Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. Melius Research assumed coverage on Best Buy in a research report on Monday, September 23rd. They set a "hold" rating and a $100.00 target price for the company. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, August 30th. Piper Sandler restated an "overweight" rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, StockNews.com cut Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $101.06.

Best Buy Stock Performance

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 $18.71 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 2.19 and a beta of 1.44. The business has a 50-day moving average price of $91.14 and a 200-day moving average price of $90.61.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 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 during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter last year, the business earned $1.29 earnings per share. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.30%. The ex-dividend date is Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 completion of 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Thrivent Financial for Lutherans increased its stake in shares of Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp raised its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the period. AQR Capital Management LLC lifted its holdings in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock valued at $116,252,000 after purchasing an additional 491,781 shares in the last quarter. National Bank of Canada FI grew its position in shares of Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock valued at $55,564,000 after purchasing an additional 479,256 shares during the period. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of Best Buy during the second quarter worth about $31,603,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.