Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Pitcairn Co.

Pitcairn Co. lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 40.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,844 shares of the technology retailer’s stock after selling 15,347 shares during the quarter. Pitcairn Co.’s holdings in Best Buy were worth $2,360,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares during the period. Raymond James & Associates lifted its holdings in Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares during the period. Dimensional Fund Advisors LP raised its position in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after acquiring an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 worth $241,347,000 after acquiring an additional 1,024,824 shares in the last quarter. Finally, Ninety One UK Ltd bought a new stake in Best Buy in the second quarter worth about $121,325,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $89.54 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. The company has a 50 day simple moving average of $94.72 and a 200-day simple moving average of $88.73. Best Buy Co., Inc. has a 52-week low of $67.80 and a 52-week high of $103.71.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. 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 4.20%. Best Buy’s payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BBY shares. Loop Capital boosted their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday. Telsey Advisory Group boosted their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Finally, Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Company Profile

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.