Best Buy (NYSE:BBY) Trading Down 1.5% – Time to Sell?

Best Buy Co., Inc. (NYSE:BBY) shares were down 1.5% during trading on Thursday . The stock traded as low as $84.42 and last traded at $84.71. Approximately 496,713 shares changed hands during trading, a decline of 84% from the average daily volume of 3,076,615 shares. The stock had previously closed at $86.01.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BBY shares. The Goldman Sachs Group lifted their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Telsey Advisory Group dropped their price target 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, DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Price Performance

The company’s 50-day simple moving average is $90.40 and its 200-day simple moving average is $90.53. The company has a market capitalization of $18.29 billion, a PE ratio of 14.62, a P/E/G ratio of 2.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the firm posted $1.29 earnings per share. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.40%. Best Buy’s payout ratio is currently 64.27%.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The shares were 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 owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 bought and sold shares of BBY. Thrivent Financial for Lutherans increased its stake in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp boosted its stake in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after buying an additional 491,781 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Best Buy by 817.4% in 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 buying an additional 479,256 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Best Buy during the second quarter valued at about $25,287,000. 80.96% of the stock is currently owned by hedge funds and other 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.