Best Buy (NYSE:BBY) Stock Price Down 0.8% – Here’s What Happened

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BBY. Evercore ISI raised their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Loop Capital lowered their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. One investment 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.com, Best Buy has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

The company has a market cap of $18.61 billion, a PE ratio of 14.85, a PEG ratio of 2.19 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. The company has a 50-day moving average of $91.36 and a 200-day moving average of $90.59.

Best Buy (NYSE:BBY) last issued its quarterly 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). The business had revenue of $9.45 billion for 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%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders 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 4.32%. Best Buy’s payout ratio is presently 64.27%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. raised its stake 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 during the period. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the 3rd quarter valued at $40,000. LRI Investments LLC raised 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 valued at $40,000 after purchasing an additional 335 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy during the 2nd quarter valued at $35,000. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy during the 3rd quarter valued at $44,000. 80.96% of the stock is currently 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.