Best Buy (BBY) Shares Down 7.4%

Best Buy Co Inc (NYSE:BBY) dropped 7.4% during mid-day trading on Friday . The company traded as low as $67.71 and last traded at $67.79. Approximately 6,357,775 shares traded hands during mid-day trading, an increase of 87% from the average daily volume of 3,405,645 shares. The stock had previously closed at $73.23.

BBY has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Monday, July 16th. ValuEngine upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Jefferies Financial Group initiated coverage on shares of Best Buy in a report on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price objective for the company. Wedbush set a $65.00 price objective on shares of Best Buy and gave the stock a “sell” rating in a report on Thursday, August 23rd. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $78.00 price objective on shares of Best Buy in a report on Tuesday, August 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $80.63.

The stock has a market capitalization of $19.68 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.52 and a current ratio of 1.21.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.08. The firm had revenue of $9.38 billion during the quarter, compared to analyst estimates of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. As a group, equities research analysts anticipate that Best Buy Co Inc will post 5.11 earnings per share for the current year.

In other news, General Counsel Keith J. Nelsen sold 33,473 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total transaction of $2,690,559.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mathew Watson sold 2,131 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $77.88, for a total transaction of $165,962.28. Following the transaction, the senior vice president now directly owns 18,131 shares of the company’s stock, valued at approximately $1,412,042.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,711 shares of company stock valued at $6,081,426. Company insiders own 0.75% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY raised its position in shares of Best Buy by 1.7% during the second quarter. Metropolitan Life Insurance Co. NY now owns 40,220 shares of the technology retailer’s stock valued at $3,000,000 after buying an additional 680 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Best Buy by 1.1% during the second quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock valued at $4,884,000 after buying an additional 725 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Best Buy by 3.4% in the second quarter. Envestnet Asset Management Inc. now owns 22,879 shares of the technology retailer’s stock worth $1,707,000 after purchasing an additional 743 shares in the last quarter. Highstreet Asset Management Inc. raised its position in Best Buy by 5.4% in the third quarter. Highstreet Asset Management Inc. now owns 15,549 shares of the technology retailer’s stock worth $1,234,000 after purchasing an additional 791 shares in the last quarter. Finally, Empirical Finance LLC raised its position in Best Buy by 2.2% in the third quarter. Empirical Finance LLC now owns 37,085 shares of the technology retailer’s stock worth $2,943,000 after purchasing an additional 805 shares in the last quarter. 85.32% of the stock is owned by institutional investors and hedge funds.

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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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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