Best Buy Co., Inc. (NYSE:BBY) Short Interest Up 16.3% in December

Best Buy Co., Inc. (NYSE:BBY) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 13,430,000 shares, an increase of 16.3% from the November 30th total of 11,550,000 shares. Approximately 6.8% of the shares of the company are short sold. Based on an average daily volume of 3,040,000 shares, the days-to-cover ratio is presently 4.4 days.

Best Buy Price Performance

BBY opened at $88.03 on Monday. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a 50-day moving average price of $89.42 and a 200-day moving average price of $90.56. The firm has a market cap of $18.82 billion, a PE ratio of 15.05, 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 current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (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 firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the prior year, the company posted $1.29 EPS. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Sell-side analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.

Analysts Set New Price Targets

Several research analysts recently weighed in on BBY shares. DA Davidson restated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group decreased their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. Finally, Wells Fargo & Company lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $101.06.

Insider Activity at Best Buy

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

Institutional Investors Weigh In On Best Buy

Several large investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans boosted its holdings in Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the period. National Bank of Canada FI increased its position in shares of Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Best Buy in the second quarter worth approximately $25,287,000. Finally, Andra AP fonden grew its position in Best Buy by 356.5% during the second quarter. Andra AP fonden now owns 331,900 shares of the technology retailer’s stock valued at $27,976,000 after buying an additional 259,187 shares during the period. 80.96% of the stock is currently owned by institutional investors.

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.