Short Interest in Best Buy Co Inc (NYSE:BBY) Increases By 49.8%

Best Buy Co Inc (NYSE:BBY) was the target of a large increase in short interest during the month of November. As of November 29th, there was short interest totalling 10,320,000 shares, an increase of 49.8% from the November 14th total of 6,890,000 shares. Based on an average daily volume of 2,510,000 shares, the short-interest ratio is currently 4.1 days. Currently, 4.5% of the company’s shares are short sold.

Several analysts recently weighed in on the stock. Raymond James reiterated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, November 27th. Guggenheim raised Best Buy to a “buy” rating and boosted their target price for the company from $80.00 to $90.00 in a research report on Wednesday, November 27th. Nomura upped their price target on Best Buy from $73.00 to $81.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 27th. Telsey Advisory Group raised their price target on Best Buy from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, September 26th. Finally, Loop Capital set a $90.00 price target on Best Buy and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $82.47.

Best Buy stock traded up $0.95 during mid-day trading on Wednesday, reaching $83.83. 2,319,504 shares of the company’s stock were exchanged, compared to its average volume of 2,926,161. The company has a quick ratio of 0.27, a current ratio of 1.05 and a debt-to-equity ratio of 1.10. Best Buy has a twelve month low of $47.72 and a twelve month high of $84.06. The company has a market cap of $21.63 billion, a P/E ratio of 15.76, a P/E/G ratio of 1.59 and a beta of 1.14. The company has a fifty day moving average of $76.52 and a 200-day moving average of $70.45.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.10. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. The business had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.71 billion. During the same quarter in the previous year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Best Buy will post 5.92 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.50 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.

In other news, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Hubert Joly sold 407,880 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,513,964 shares of company stock worth $196,498,732. Corporate insiders own 0.95% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its position in shares of Best Buy by 5.9% during the second quarter. Janney Montgomery Scott LLC now owns 22,771 shares of the technology retailer’s stock worth $1,588,000 after buying an additional 1,275 shares in the last quarter. First Trust Advisors LP lifted its stake in Best Buy by 7.2% in the second quarter. First Trust Advisors LP now owns 476,202 shares of the technology retailer’s stock worth $33,206,000 after acquiring an additional 32,171 shares during the last quarter. KBC Group NV grew its holdings in Best Buy by 4.5% during the 2nd quarter. KBC Group NV now owns 407,053 shares of the technology retailer’s stock worth $28,384,000 after acquiring an additional 17,412 shares in the last quarter. Highstreet Asset Management Inc. grew its holdings in Best Buy by 253.8% during the 2nd quarter. Highstreet Asset Management Inc. now owns 14,266 shares of the technology retailer’s stock worth $995,000 after acquiring an additional 10,234 shares in the last quarter. Finally, Aperio Group LLC increased its position in shares of Best Buy by 5.7% in the 2nd quarter. Aperio Group LLC now owns 190,765 shares of the technology retailer’s stock valued at $13,302,000 after purchasing an additional 10,356 shares during the last quarter. 76.27% of the stock is owned by hedge funds and other institutional investors.

About Best Buy

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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