After this afternoon's -2.1% drop to $90.4 per share, Best Buy might just keep moving past its target price of $88.63. With an average analyst rating of hold, and target prices from $70.0 to $106.0, the stock's next move is anyone's guess.
The stock has an above average percentage of its shares sold short at 9.3%, and a short ratio of 6.9. The company's insiders own 8.79% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that a significant number of institutional investors are invested in the stock, with 85.3% of Best Buy's shares being owned by this investor type.
Institutions Invested in Best Buy
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2024-03-31 | Blackrock Inc. | 12% | 24,815,012 | $2,243,277,122 |
| 2024-03-31 | Vanguard Group Inc | 10% | 22,349,234 | $2,020,370,787 |
| 2024-03-31 | State Street Corporation | 6% | 13,788,807 | $1,246,508,173 |
| 2024-03-31 | JP Morgan Chase & Company | 5% | 11,539,816 | $1,043,199,384 |
| 2024-03-31 | Charles Schwab Investment Management, Inc. | 3% | 5,874,720 | $531,074,696 |
| 2024-03-31 | Invesco Ltd. | 2% | 4,654,870 | $420,800,255 |
| 2024-03-31 | Geode Capital Management, LLC | 2% | 4,602,564 | $416,071,792 |
| 2024-03-31 | Amundi | 2% | 4,589,092 | $414,853,923 |
| 2024-03-31 | Morgan Stanley | 1% | 3,004,598 | $271,615,663 |
| 2024-03-31 | Raymond James & Associates, Inc. | 1% | 2,886,962 | $260,981,369 |
Besides an analyst consensus of little upside potential, other market factors point to there being mixed market sentiment on Best Buy.
