Best Buy (NYSE:BBY) Trading Up 1.9% – Here’s Why

Best Buy Co., Inc. (NYSE:BBY) shot up 1.9% during trading on Wednesday . The stock traded as high as $89.44 and last traded at $89.11. 499,212 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 3,075,656 shares. The stock had previously closed at $87.48.

Wall Street Analyst Weigh In

BBY has been the topic of several recent research reports. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective on the stock. DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. UBS Group reduced their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Telsey Advisory Group lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Finally, Barclays boosted their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One research 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Down 0.9 %

The firm has a 50-day moving average price of $90.64 and a two-hundred day moving average price of $90.54. The company has a market capitalization of $18.22 billion, a P/E ratio of 14.56, 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.

Best Buy (NYSE:BBY) last issued 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 company 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%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the company earned $1.29 earnings per share. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors 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 yield of 4.41%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) 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 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 of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors have recently made changes to their positions in BBY. Park Avenue Securities LLC raised its position in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust raised its holdings in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after buying an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC lifted its position in shares of Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after buying an additional 118 shares during the period. Tobam boosted its stake in Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC grew its position in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.