Best Buy Co., Inc. Sees Significant Growth in Short Interest

Best Buy Co., Inc. (NYSE:BBY) experienced a notable rise in short interest during February. As of February 15th, the company's short interest stood at 16,490,000 shares, marking a 20.4% increase from the 13,700,000 shares reported on January 31st. Currently, around 8.4% of the company's total shares are sold short, indicating a growing concern among some investors. With an average daily trading volume of 2,990,000 shares, the days-to-cover ratio for short positions is approximately 5.5 days.

Best Buy Stock Performance

Recently, Best Buy's stock saw an uptick, trading up by $3.07 to reach $78.60. The stock had a trading volume of 4,626,751 shares, which is significantly higher than its average volume of 2,959,571 shares. The company has a market capitalization of $16.80 billion and a price-to-earnings ratio of 13.44. The stock's PEG ratio is 2.10, while its beta stands at 1.43. The 50-day moving average price of the stock is $85.75, and the 200-day moving average is $90.43. Additionally, the company showcases a current ratio of 1.00, a quick ratio of 0.22, and a debt-to-equity ratio of 0.37. Over the past year, Best Buy's stock has fluctuated, with a 12-month low of $69.29 and a high of $103.71.

Best Buy Increases Dividend

In recent news, Best Buy announced a quarterly dividend set to be paid on April 15th. Shareholders recorded as of March 25th will receive a dividend of $0.95, reflecting an annualized yield of 4.83%. This is an increase from the previous quarterly dividend of $0.94. The ex-dividend date is also March 25th, and Best Buy currently maintains a dividend payout ratio of 88.99%.

Insider Activity at Best Buy

In other developments related to the company, CFO Matthew M. Bilunas sold 69,166 shares of his stock on December 11th, fetching an average price of $87.46, leading to a total transaction value of approximately $6,049,258. Following this sale, the CFO retains ownership of 92,070 shares, amounting to about $8,052,442. This transaction reflects a significant 42.90% reduction in his ownership stake. The transaction was officially documented in a filing with the SEC.

Institutional Investors Weigh In On Best Buy

Turning to investment movements, several hedge funds have either increased or decreased their holdings in Best Buy. For instance, Rakuten Securities Inc. boosted its stake by an impressive 971.9% during the fourth quarter, now owning 343 shares valued at $29,000 post acquisition. Similarly, Vermillion Wealth Management Inc. and Golden State Wealth Management LLC each acquired new stakes worth $31,000 and $32,000, respectively, in the same quarter. Additionally, Ancora Advisors LLC significantly ramped up its stake by 18,700.0%, acquiring 376 shares valued at $32,000. Overall, institutional investors control approximately 80.96% of Best Buy’s stock.

Analysts Set New Price Targets

In light of current market conditions, several research groups have set new price targets for Best Buy shares. The Telsey Advisory Group has revised its target from $110.00 to $100.00, maintaining an "outperform" rating on the stock. Truist Financial has lowered its price objective from $95.00 to $81.00, shifting its stance to a