This afternoon we watched Best Buy drop -3.0% to a price of $83.62 per share. The Large-Cap Discount Store company is now trading -15.11% below its average target price of $98.5. Analysts have set target prices ranging from $80.0 to $117.0 per share for Best Buy, and have given the stock an average rating of buy.
The stock has an above average percentage of its shares sold short at 8.3%, and a short ratio of 6.15. The company's insiders own 8.73% 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 87.0% of Best Buy's shares being owned by this investor type.
Institutions Invested in Best Buy
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2024-09-30 | Blackrock Inc. | 11% | 24,040,685 | $2,010,282,145 |
| 2024-09-30 | Vanguard Group Inc | 11% | 22,791,447 | $1,905,820,860 |
| 2024-09-30 | State Street Corporation | 6% | 13,271,563 | $1,109,768,134 |
| 2024-09-30 | JP Morgan Chase & Company | 3% | 7,138,729 | $596,940,538 |
| 2024-09-30 | Charles Schwab Investment Management, Inc. | 3% | 6,164,953 | $515,513,386 |
| 2024-09-30 | Geode Capital Management, LLC | 2% | 4,852,980 | $405,806,200 |
| 2024-09-30 | Amundi | 2% | 3,792,435 | $317,123,425 |
| 2024-09-30 | Raymond James & Associates, Inc. | 2% | 3,440,215 | $287,670,787 |
| 2024-09-30 | Bank Of New York Mellon Corporation | 2% | 3,365,072 | $281,387,329 |
| 2024-09-30 | Morgan Stanley | 1% | 3,127,992 | $261,562,699 |
Besides an analyst consensus of some upside potential, other market factors point to there being positive market sentiment on Best Buy.
