Short Interest in Best Buy Co Decreases By 11.2% (BBY)
Best Buy Co (NYSE:BBY) saw a large decrease in short interest in the month of June. As of June 13th, there was short interest totalling 27,185,001 shares, a decrease of 11.2% from the May 30th total of 30,602,060 shares, Analyst Ratings Net reports. Based on an average trading volume of 3,967,660 shares, the days-to-cover ratio is presently 6.9 days. Currently, 9.5% of the shares of the company are sold short.
BBY has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. They now have a $31.00 price target on the stock. Separately, analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. Finally, analysts at Morgan Stanley initiated coverage on shares of Best Buy Co in a research note on Tuesday, June 24th. They set an “overweight” rating and a $36.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Best Buy Co currently has a consensus rating of “Buy” and a consensus target price of $39.07.
Best Buy Co (NYSE:BBY) opened at 31.77 on Tuesday. Best Buy Co has a one year low of $22.15 and a one year high of $44.66. The stock has a 50-day moving average of $28.69 and a 200-day moving average of $27.97. The company has a market cap of $11.081 billion and a price-to-earnings ratio of 10.48.
Best Buy Co (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 22nd. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.13. The company had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. Analysts expect that Best Buy Co will post $2.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Shareholders of record on Thursday, September 11th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Tuesday, September 9th. This is a positive change from Best Buy Co’s previous quarterly dividend of $0.17.
Best Buy Co, Inc is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
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