Best Buy (NYSE:BBY) Stock Price Down 0.8% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BBY. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. The Goldman Sachs Group upped their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, UBS Group reduced their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Trading Down 0.9 %

The firm has a 50-day moving average of $90.89 and a 200 day moving average of $90.58. The company has a market cap of $18.22 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (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%. Best Buy’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 earnings per share. On average, analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared 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. This represents a $3.76 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Insider Transactions at Best Buy

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

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Thrivent Financial for Lutherans grew its holdings in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new position in Best Buy during the second quarter worth about $31,603,000. 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.