Best Buy (BBY) Shares Gap Down to $57.83

Shares of Best Buy Co Inc (NYSE:BBY) gapped down prior to trading on Thursday . The stock had previously closed at $59.27, but opened at $57.83. Best Buy shares last traded at $56.87, with a volume of 3631669 shares trading hands.

BBY has been the subject of several analyst reports. Citigroup dropped their target price on Best Buy from $79.00 to $72.00 and set a “neutral” rating for the company in a report on Wednesday, November 21st. Wedbush upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 target price for the company in a report on Wednesday, November 21st. Morgan Stanley upped their target price on Best Buy from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, October 11th. Bank of America cut Best Buy from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $70.00 to $50.00 in a report on Monday, December 17th. Finally, Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $75.81.

The company has a market cap of $15.56 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.02 and a beta of 1.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.10 and a quick ratio of 0.28.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 20th. The technology retailer reported $0.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.08. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. The business had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. During the same quarter in the prior year, the company posted $0.78 EPS. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Research analysts predict that Best Buy Co Inc will post 5.18 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Tuesday, December 11th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Monday, December 10th. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.

In other news, CFO Corie S. Barry sold 6,783 shares of the company’s stock in a transaction on Friday, October 19th. The stock was sold at an average price of $72.80, for a total value of $493,802.40. Following the transaction, the chief financial officer now owns 80,961 shares of the company’s stock, valued at approximately $5,893,960.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in Best Buy by 3.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 22,879 shares of the technology retailer’s stock worth $1,707,000 after acquiring an additional 743 shares in the last quarter. Van ECK Associates Corp lifted its stake in Best Buy by 18.2% during the 2nd quarter. Van ECK Associates Corp now owns 20,325 shares of the technology retailer’s stock worth $1,516,000 after acquiring an additional 3,135 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Best Buy by 1,240.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,852 shares of the technology retailer’s stock worth $735,000 after acquiring an additional 9,117 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in Best Buy by 80.4% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 8,300 shares of the technology retailer’s stock valued at $619,000 after purchasing an additional 3,700 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in Best Buy by 1.7% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 40,220 shares of the technology retailer’s stock valued at $3,000,000 after purchasing an additional 680 shares in the last quarter. 84.48% of the stock is currently owned by institutional investors and hedge funds.

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About Best Buy (NYSE:BBY)

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

Read More: Debt-To-Equity Ratio

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