Best Buy (NYSE:BBY) Trading Down 5.5%

Best Buy Co Inc (NYSE:BBY)’s share price dropped 5.5% during trading on Thursday . The company traded as low as $66.39 and last traded at $63.31, approximately 2,030,659 shares were traded during mid-day trading. A decline of 15% from the average daily volume of 2,392,741 shares. The stock had previously closed at $66.97.

BBY has been the subject of a number of analyst reports. Wedbush set a $71.00 price target on Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Zacks Investment Research lowered Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Telsey Advisory Group reaffirmed a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Goldman Sachs Group assumed coverage on Best Buy in a research note on Thursday, July 11th. They set a “neutral” rating and a $73.00 price objective for the company. Finally, Guggenheim assumed coverage on Best Buy in a research note on Monday, July 8th. They set a “buy” rating and a $80.00 price objective for the company. Thirteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.67.

The stock has a 50-day simple moving average of $72.06 and a two-hundred day simple moving average of $68.83. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. The firm has a market cap of $17.88 billion, a PE ratio of 12.31, a P/E/G ratio of 1.33 and a beta of 1.06.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The business had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter last year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts expect that Best Buy Co Inc will post 5.74 earnings per share for the current year.

In other Best Buy news, Director Victor Kathy J. Higgins sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $72.50, for a total transaction of $725,000.00. Following the sale, the director now owns 54,126 shares in the company, valued at $3,924,135. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Richard M. Schulze sold 206,188 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $72.07, for a total value of $14,859,969.16. Following the sale, the insider now owns 1,732,500 shares in the company, valued at approximately $124,861,275. The disclosure for this sale can be found here. Insiders have sold 1,991,971 shares of company stock worth $140,642,341 in the last 90 days. Company insiders own 0.95% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 7.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,414,905 shares of the technology retailer’s stock valued at $127,879,000 after purchasing an additional 171,050 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Best Buy in the 1st quarter valued at about $216,000. Sciencast Management LP acquired a new position in shares of Best Buy in the 1st quarter valued at about $336,000. Raymond James Trust N.A. acquired a new position in shares of Best Buy in the 1st quarter valued at about $219,000. Finally, IFM Investors Pty Ltd increased its holdings in shares of Best Buy by 12.1% in the 1st quarter. IFM Investors Pty Ltd now owns 17,050 shares of the technology retailer’s stock valued at $1,212,000 after purchasing an additional 1,842 shares during the period. Hedge funds and other institutional investors own 78.76% of the company’s stock.

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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