Short Interest in Best Buy Co Inc (BBY) Drops By 12.5%

Best Buy Co Inc (NYSE:BBY) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 26,302,281 shares, a decrease of 12.5% from the November 30th total of 30,063,863 shares. Approximately 10.2% of the shares of the company are sold short. Based on an average trading volume of 4,650,176 shares, the days-to-cover ratio is presently 5.7 days.

In other news, major shareholder Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total value of $58,800,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Shari L. Ballard sold 40,018 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total value of $2,248,211.24. Following the completion of the sale, the insider now directly owns 99,304 shares of the company’s stock, valued at $5,578,898.72. The disclosure for this sale can be found here. Insiders sold 3,134,253 shares of company stock valued at $191,063,125 over the last three months. Corporate insiders own 1.21% of the company’s stock.

Several hedge funds have recently made changes to their positions in BBY. BB&T Securities LLC purchased a new stake in Best Buy during the 2nd quarter worth about $307,000. Victory Capital Management Inc. increased its position in Best Buy by 14.3% during the 2nd quarter. Victory Capital Management Inc. now owns 100,969 shares of the technology retailer’s stock worth $5,789,000 after purchasing an additional 12,660 shares in the last quarter. Pacer Advisors Inc. increased its position in Best Buy by 5.2% during the 2nd quarter. Pacer Advisors Inc. now owns 8,652 shares of the technology retailer’s stock worth $496,000 after purchasing an additional 429 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Best Buy during the 2nd quarter worth about $247,000. Finally, Keybank National Association OH purchased a new stake in Best Buy during the 2nd quarter worth about $200,000. Institutional investors and hedge funds own 88.45% of the company’s stock.

Several equities research analysts recently weighed in on BBY shares. Zacks Investment Research raised Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a report on Tuesday, October 10th. Jefferies Group reaffirmed a “hold” rating and set a $60.00 price target on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Wedbush set a $33.00 price target on Best Buy and gave the stock a “sell” rating in a report on Monday, November 13th. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a report on Wednesday, September 20th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $68.00 price target on shares of Best Buy in a report on Thursday, September 21st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $59.14.

Best Buy (NYSE:BBY) opened at $73.25 on Friday. Best Buy has a 52-week low of $41.67 and a 52-week high of $73.45. The firm has a market capitalization of $21,410.00, a price-to-earnings ratio of 18.54, a PEG ratio of 1.35 and a beta of 1.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The business had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.36 billion. During the same quarter last year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. sell-side analysts forecast that Best Buy will post 4 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Wednesday, December 6th. Best Buy’s dividend payout ratio is currently 34.43%.

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Best Buy Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

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