Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Private Trust Co. NA

Private Trust Co. NA lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,378 shares of the technology retailer’s stock after selling 274 shares during the quarter. Private Trust Co. NA’s holdings in Best Buy were worth $452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. QRG Capital Management Inc. raised its stake in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on BBY shares. DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group cut their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” 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 given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Price Performance

BBY opened at $88.15 on Thursday. Best Buy Co., Inc. has a 12-month low of $68.67 and a 12-month high of $103.71. 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 capitalization of $18.93 billion, a P/E ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. The stock has a fifty day moving average of $94.16 and a 200-day moving average of $89.07.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

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.