Best Buy (NYSE:BBY) Trading Down 1.5% - Here's Why

Best Buy Co., Inc. (NYSE:BBY - Get Free Report)'s stock price traded down 1.5% during trading on Thursday . The stock traded as low as $84.42 and last traded at $84.71. 496,713 shares changed hands during trading, a decline of 84% from the average session volume of 3,076,615 shares. The stock had previously closed at $86.01.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a "hold" rating and a $100.00 price objective for the company. 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. Loop Capital reiterated a "buy" rating and issued a $100.00 target price on shares of Best Buy in a research note on Wednesday. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a research note on Friday, August 30th. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $101.06.

Best Buy Stock Performance

The business has a 50-day moving average of $90.64 and a two-hundred day moving average of $90.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $18.22 billion, a P/E ratio of 14.56, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly 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 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 firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.29 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's payout ratio is presently 64.27%.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.59% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock valued at $636,840,000 after acquiring an additional 241,988 shares during the period. Geode Capital Management LLC grew its stake in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock valued at $355,374,000 after purchasing an additional 62,452 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock valued at $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

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.