Best Buy Co., Inc. (NYSE:BBY) Short Interest Update

Best Buy Co., Inc. (NYSE:BBYGet Free Report) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 12,560,000 shares, a decrease of 6.5% from the December 15th total of 13,430,000 shares. Approximately 6.4% of the shares of the stock are sold short. Based on an average daily volume of 2,980,000 shares, the days-to-cover ratio is presently 4.2 days.

Insiders Place Their Bets

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 shares were 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 owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of institutional investors and hedge funds have recently bought and sold shares of BBY. QRG Capital Management Inc. raised its holdings in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. increased its position in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Best Buy in the 3rd quarter worth approximately $2,384,000. Finally, Toronto Dominion Bank boosted its stake in shares of Best Buy by 82.2% during the third quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after purchasing an additional 46,152 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Down 0.4 %

BBY stock traded down $0.30 during midday trading on Monday, reaching $81.91. The company’s stock had a trading volume of 2,974,891 shares, compared to its average volume of 2,243,368. The firm has a market capitalization of $17.51 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.09 and a beta of 1.43. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a fifty day simple moving average of $87.17 and a two-hundred day simple moving average of $90.21.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings data 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 company had revenue of $9.45 billion for 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 company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.29 EPS. On average, equities research analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.59%. Best Buy’s payout ratio is currently 64.27%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. Barclays lowered their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Loop Capital reiterated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Finally, DA Davidson restated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $100.72.

Read Our Latest Research Report on Best Buy

Best Buy Company Profile

(Get Free Report)

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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