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

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

Best Buy Price Performance

Shares of BBY traded down $0.30 during mid-day trading on Friday, reaching $81.91. The company had a trading volume of 2,974,891 shares, compared to its average volume of 2,243,368. The company’s 50-day moving average is $87.17 and its 200-day moving average is $90.15. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market capitalization of $17.51 billion, a P/E ratio of 14.00, a P/E/G ratio of 2.09 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the previous year, the business posted $1.29 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

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

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’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 transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Raymond James & Associates raised its holdings in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares during the last quarter. Eagle Asset Management Inc. lifted its position in Best Buy by 3.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock worth $143,396,000 after buying an additional 44,693 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BBY shares. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, DA Davidson reissued a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $100.72.

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.