Best Buy (NYSE:BBY) Trading Down 1.7% – Here’s Why

Best Buy Co., Inc. (NYSE:BBY)’s share price fell 1.7% during trading on Tuesday . The stock traded as low as $88.80 and last traded at $89.38. 743,377 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 3,056,944 shares. The stock had previously closed at $90.93.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research reports. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Melius Research assumed coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Evercore ISI increased their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Down 2.2 %

The company has a fifty day moving average price of $93.67 and a 200-day moving average price of $89.50. The firm has a market capitalization of $19.10 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 2.26 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Institutional Trading of Best Buy

Several large investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. lifted its position in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy in the second quarter worth about $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy during the 3rd quarter worth about $40,000. LRI Investments LLC boosted its stake in 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. Finally, Whittier Trust Co. grew its holdings in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

About Best Buy

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.