Best Buy Co., Inc. (BBY) Short Interest Update

Best Buy Co., Inc. (NYSE:BBY) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 30,063,863 shares, a decline of 11.4% from the November 15th total of 33,927,791 shares. Approximately 11.7% of the shares of the stock are sold short. Based on an average trading volume of 5,414,594 shares, the days-to-cover ratio is currently 5.6 days.

In other Best Buy news, major shareholder Richard M. Schulze sold 75,000 shares of Best Buy stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $65.19, for a total transaction of $4,889,250.00. Following the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $112,941,675. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total transaction of $58,800,000.00. The disclosure for this sale can be found here. Insiders have sold 2,898,184 shares of company stock worth $175,101,812 over the last 90 days. 1.21% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. FNY Managed Accounts LLC increased its holdings in shares of Best Buy by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after purchasing an additional 2,011 shares in the last quarter. Fieldpoint Private Securities LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at about $139,000. Northwestern Mutual Wealth Management Co. grew its stake in Best Buy by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after acquiring an additional 163 shares during the last quarter. Smithfield Trust Co. acquired a new stake in Best Buy in the 3rd quarter valued at about $178,000. Finally, Keybank National Association OH acquired a new stake in Best Buy in the 2nd quarter valued at about $200,000. Institutional investors own 88.89% of the company’s stock.

A number of equities research analysts have recently issued reports on BBY shares. Barclays reissued a “buy” rating and issued a $65.00 price target on shares of Best Buy in a research note on Monday, August 28th. Wedbush set a $32.00 price target on shares of Best Buy and gave the company a “sell” rating in a research note on Wednesday, November 29th. KeyCorp reissued a “hold” rating on shares of Best Buy in a research note on Friday, November 10th. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Tuesday, October 10th. Finally, Deutsche Bank set a $56.00 price target on shares of Best Buy and gave the company a “hold” rating in a research note on Friday, November 17th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $58.81.

Shares of Best Buy (BBY) opened at $65.32 on Monday. The company has a market cap of $19,094.80, a price-to-earnings ratio of 16.25, a P/E/G ratio of 1.38 and a beta of 1.40. 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 has a 12-month low of $41.67 and a 12-month high of $65.54.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.78. The company had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. Best Buy’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. equities analysts forecast that Best Buy will post 4.02 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.08%. Best Buy’s payout ratio is currently 34.34%.

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About Best Buy

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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