Short Interest in Best Buy Co., Inc. (NYSE:BBY) Decreases By 18.2%

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) was the recipient of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 11,560,000 shares, a decrease of 18.2% from the April 30th total of 14,130,000 shares. Based on an average daily trading volume, of 4,210,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 5.9% of the shares of the company are short sold.

Best Buy Price Performance

Shares of NYSE:BBY traded up $2.57 during midday trading on Friday, hitting $73.03. The company had a trading volume of 3,844,703 shares, compared to its average volume of 3,323,898. Best Buy has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market cap of $15.46 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The business's 50-day simple moving average is $66.87 and its 200-day simple moving average is $78.24.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The business's revenue for the quarter was down .9% on a year-over-year basis. On average, research analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.20%. Best Buy's dividend payout ratio (DPR) is 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. This represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. This represents a 3.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last quarter. 0.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinnacle Bancorp Inc. increased its stake in Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the last quarter. Rakuten Securities Inc. increased its stake in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Best Buy during the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy during the fourth quarter worth $32,000. Finally, Atlas Capital Advisors Inc. increased its stake in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Loop Capital lowered their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. Truist Financial raised their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. UBS Group decreased their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, Guggenheim restated a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $86.11.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.