Best Buy (BBY) Short Interest Update
Best Buy (NYSE:BBY) was the target of a significant drop in short interest in April. As of April 30th, there was short interest totalling 25,758,719 shares, a drop of 15.1% from the April 13th total of 30,335,562 shares. Based on an average daily trading volume, of 2,863,618 shares, the days-to-cover ratio is currently 9.0 days. Approximately 10.6% of the company’s stock are sold short.
In related news, insider Shari L. Ballard sold 3,475 shares of the stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $72.45, for a total transaction of $251,763.75. Following the completion of the transaction, the insider now directly owns 116,785 shares in the company, valued at $8,461,073.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Mathew Watson sold 990 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $77.21, for a total value of $76,437.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 365,639 shares of company stock valued at $25,651,834. 0.75% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Bank of New York Mellon Corp lifted its holdings in Best Buy by 31.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock worth $361,491,000 after purchasing an additional 1,264,528 shares during the last quarter. Northern Trust Corp lifted its holdings in Best Buy by 3.4% during the 1st quarter. Northern Trust Corp now owns 3,840,174 shares of the technology retailer’s stock worth $268,774,000 after purchasing an additional 125,125 shares during the last quarter. APG Asset Management N.V. lifted its holdings in Best Buy by 7.5% during the 4th quarter. APG Asset Management N.V. now owns 3,590,588 shares of the technology retailer’s stock worth $204,736,000 after purchasing an additional 250,300 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Best Buy by 61.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock worth $231,374,000 after purchasing an additional 1,280,600 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in Best Buy by 448.0% during the 1st quarter. OppenheimerFunds Inc. now owns 2,893,720 shares of the technology retailer’s stock worth $202,532,000 after purchasing an additional 2,365,675 shares during the last quarter. 87.33% of the stock is owned by institutional investors.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, March 1st. The technology retailer reported $2.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.37. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The company had revenue of $15.36 billion during the quarter, compared to analysts’ expectations of $14.52 billion. During the same period last year, the firm posted $1.93 earnings per share. The business’s revenue was up 14.0% on a year-over-year basis. equities research analysts anticipate that Best Buy will post 4.97 earnings per share for the current fiscal year.
A number of research analysts have weighed in on BBY shares. Barclays raised their price target on Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “strong-buy” rating and set a $84.00 price target for the company in a research note on Friday, February 2nd. Jefferies Group restated a “buy” rating and issued a $74.00 price target (up from $60.00) on shares of Best Buy in a research note on Tuesday, February 27th. Wedbush restated a “sell” rating and issued a $38.00 price target on shares of Best Buy in a research note on Monday, February 26th. Finally, UBS restated a “neutral” rating and issued a $77.00 price target (up from $70.00) on shares of Best Buy in a research note on Friday, March 2nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Best Buy has a consensus rating of “Hold” and an average target price of $71.39.
Best Buy Company Profile
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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