Best Buy (NYSE:BBY) Trading Down 0.7% - Here's Why

Shares of Best Buy Co., Inc. (NYSE:BBY - Get Free Report) fell 0.7% during mid-day trading on Friday . The stock traded as low as $88.94 and last traded at $89.19. 611,796 shares were traded during mid-day trading, a decline of 80% from the average session volume of 3,062,613 shares. The stock had previously closed at $89.80.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price target 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. StockNews.com lowered Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, August 30th. 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, Melius Research began coverage on shares of Best Buy in a report on Monday, September 23rd. They set a "hold" rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $101.06.

Best Buy Trading Down 1.5 %

The firm's 50-day simple moving average is $93.12 and its 200 day simple moving average is $89.62. The firm has a market cap of $19.00 billion, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 2.23 and a beta of 1.44. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.25%. Best Buy's payout ratio is 64.27%.

Hedge Funds Weigh In On Best Buy

Large investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. grew its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC boosted its position 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 valued at $40,000 after acquiring an additional 335 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy during the second quarter worth about $35,000. Finally, Brooklyn Investment Group bought a new position in shares of Best Buy in the third quarter worth approximately $44,000. 80.96% of the stock is owned by institutional investors.

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.

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