2,707 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Claro Advisors LLC

Claro Advisors LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,707 shares of the technology retailer’s stock, valued at approximately $280,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Ninety One UK Ltd purchased a new position in shares of Best Buy during the 2nd quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans grew its position in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its holdings in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Swedbank AB acquired a new position in shares of Best Buy in the first quarter worth about $43,522,000. Finally, AQR Capital Management LLC boosted its stake in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on BBY. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Truist Financial upped their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Finally, Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Down 2.2 %

NYSE BBY opened at $87.00 on Wednesday. The business’s fifty day simple moving average is $95.33 and its 200-day simple moving average is $88.54. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.68 billion, a PE ratio of 15.00, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.32%. Best Buy’s dividend payout ratio is currently 64.83%.

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.