Best Buy (BBY) Shares Gap Down to $57.83

Shares of Best Buy Co Inc (NYSE:BBY) gapped down prior to trading on Thursday . The stock had previously closed at $59.27, but opened at $57.83. Best Buy shares last traded at $56.87, with a volume of 3631669 shares traded.

BBY has been the subject of a number of analyst reports. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research report on Wednesday, October 3rd. Morgan Stanley raised their price target on Best Buy from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 11th. Bank of America downgraded Best Buy from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $92.00 to $70.00 in a research report on Tuesday, November 13th. Wedbush upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 target price for the company in a research report on Wednesday, November 21st. Finally, Piper Jaffray Companies decreased their target price on Best Buy from $87.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $75.81.

The stock has a market capitalization of $14.20 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 0.93 and a beta of 1.18. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 20th. The technology retailer reported $0.93 EPS for the quarter, beating the consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 earnings per share. Equities analysts expect that Best Buy Co Inc will post 5.18 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Tuesday, December 11th were paid a dividend of $0.45 per share. The ex-dividend date was Monday, December 10th. This represents a $1.80 annualized dividend and a dividend yield of 3.17%. Best Buy’s dividend payout ratio is currently 40.72%.

In other news, CFO Corie S. Barry sold 6,783 shares of the firm’s stock in a transaction on Friday, October 19th. The stock was sold at an average price of $72.80, for a total transaction of $493,802.40. Following the transaction, the chief financial officer now owns 80,961 shares in the company, valued at $5,893,960.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.75% of the company’s stock.

Several institutional investors have recently made changes to their positions in BBY. LFA Lugano Financial Advisors SA purchased a new position in shares of Best Buy during the second quarter valued at $174,000. People s United Financial Inc. purchased a new position in Best Buy in the third quarter valued at about $222,000. Hilltop Holdings Inc. purchased a new position in Best Buy in the third quarter valued at about $225,000. Checchi Capital Advisers LLC purchased a new position in Best Buy in the third quarter valued at about $234,000. Finally, Chemical Bank purchased a new position in Best Buy in the third quarter valued at about $265,000. Hedge funds and other institutional investors own 84.48% of the company’s stock.

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About Best Buy (NYSE:BBY)

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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