Best Buy (NYSE:BBY) Shares Down 5.5%

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

A number of brokerages have weighed in on BBY. Telsey Advisory Group restated a “market perform” rating on shares of Best Buy in a research report on Thursday, July 25th. Wedbush set a $71.00 target price on shares of Best Buy and gave the company a “hold” rating in a research report on Friday, May 24th. Cleveland Research restated a “neutral” rating on shares of Best Buy in a research report on Tuesday, June 18th. Jefferies Financial Group upgraded shares of Best Buy from a “hold” rating to a “buy” rating and raised their target price for the company from $72.00 to $88.00 in a research report on Wednesday, April 24th. Finally, Guggenheim began coverage on shares of Best Buy in a research report on Monday, July 8th. They issued a “buy” rating and a $80.00 target price on the stock. Thirteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Best Buy currently has a consensus rating of “Hold” and a consensus price target of $77.67.

The company has a market cap of $17.89 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.33 and a beta of 1.06. The business’s fifty day moving average price is $72.11 and its 200 day moving average price is $68.84. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.14. The company had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. Best Buy’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. As a group, equities research analysts anticipate that Best Buy Co Inc will post 5.74 EPS for the current year.

In related news, major shareholder Richard M. Schulze sold 51,265 shares of Best Buy stock in a transaction on Friday, July 19th. The shares were sold at an average price of $75.01, for a total transaction of $3,845,387.65. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $129,954,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hubert Joly sold 600,826 shares of Best Buy stock in a transaction on Friday, May 24th. The stock was sold at an average price of $64.42, for a total transaction of $38,705,210.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,991,971 shares of company stock worth $140,642,341. 0.95% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Best Buy by 3.7% during the second quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock worth $1,924,922,000 after buying an additional 993,608 shares during the last quarter. FMR LLC raised its stake in Best Buy by 0.9% during the first quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock worth $1,688,517,000 after buying an additional 215,871 shares during the last quarter. BlackRock Inc. raised its stake in Best Buy by 4.4% during the second quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock worth $1,267,648,000 after buying an additional 772,762 shares during the last quarter. Invesco Ltd. raised its stake in Best Buy by 289.7% during the second quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after buying an additional 3,656,220 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Best Buy by 40.6% during the second quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after buying an additional 1,385,457 shares during the last quarter. 78.76% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile (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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