Best Buy (NYSE:BBY) Trading Down 0.5% - Here's Why

Best Buy Co., Inc. (NYSE:BBY - Get Free Report)'s share price traded down 0.5% on Friday . The stock traded as low as $87.82 and last traded at $87.95. 399,669 shares traded hands during trading, a decline of 87% from the average session volume of 3,072,625 shares. The stock had previously closed at $88.40.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wedbush raised their target price on Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 30th. DA Davidson reissued a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Truist Financial cut their price target on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a report on Wednesday, November 27th. The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the stock a "buy" rating in a research report on Tuesday, September 3rd. Finally, Piper Sandler reaffirmed 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. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $101.06.

Best Buy Trading Down 1.3 %

The firm's 50-day simple moving average is $91.78 and its 200 day simple moving average is $90.17. 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 cap of $18.65 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results 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 business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.29 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business 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 dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock worth $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new stake in Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter worth approximately $40,000. LRI Investments LLC boosted its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after acquiring an additional 335 shares during the last quarter. Finally, Whittier Trust Co. increased its stake in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Hedge funds and other institutional investors 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.

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