Best Buy (NYSE:BBY) Trading Down 5.5%

Best Buy Co Inc (NYSE:BBY) dropped 5.5% 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 research analyst reports. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Guggenheim initiated coverage on shares of Best Buy in a research note on Monday, July 8th. They issued a “buy” rating and a $80.00 target price for the company. Cleveland Research reaffirmed a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Goldman Sachs Group initiated coverage on shares of Best Buy in a research note on Thursday, July 11th. They issued a “neutral” rating and a $73.00 target price for the company. Thirteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Best Buy currently has an average rating of “Hold” and an average price target of $77.67.

The stock’s 50 day moving average price is $72.11 and its 200 day moving average price is $68.84. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $17.89 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 1.33 and a beta of 1.06.



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

In related news, CEO Hubert Joly sold 600,826 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $64.42, for a total value of $38,705,210.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rajendra M. Mohan sold 2,620 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $65.95, for a total transaction of $172,789.00. Following the completion of the sale, the chief operating officer now owns 117,539 shares of the company’s stock, valued at $7,751,697.05. The disclosure for this sale can be found here. Insiders sold a total of 1,991,971 shares of company stock valued at $140,642,341 over the last quarter. 0.95% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of BBY. Cambridge Investment Research Advisors Inc. raised its holdings in Best Buy by 7.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,379 shares of the technology retailer’s stock valued at $375,000 after acquiring an additional 383 shares during the period. Voloridge Investment Management LLC bought a new position in Best Buy in the 2nd quarter valued at about $1,832,000. Worldquant Millennium Advisors LLC raised its holdings in Best Buy by 261.7% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 449,636 shares of the technology retailer’s stock valued at $31,353,000 after acquiring an additional 325,338 shares during the period. Zacks Investment Management raised its holdings in Best Buy by 2.2% in the 2nd quarter. Zacks Investment Management now owns 184,903 shares of the technology retailer’s stock valued at $12,893,000 after acquiring an additional 3,997 shares during the period. Finally, Pictet Asset Management Ltd. raised its holdings in Best Buy by 1.0% in the 2nd quarter. Pictet Asset Management Ltd. now owns 173,890 shares of the technology retailer’s stock valued at $12,125,000 after acquiring an additional 1,774 shares during the period. Institutional investors and hedge funds 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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