Hilltop Holdings Inc. Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Hilltop Holdings Inc. increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,683 shares of the technology retailer’s stock after buying an additional 2,190 shares during the period. Hilltop Holdings Inc.’s holdings in Best Buy were worth $1,103,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new stake in Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the third quarter worth $40,000. Whittier Trust Co. boosted its holdings in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after acquiring an additional 259 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Best Buy stock opened at $90.50 on Thursday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The stock has a market cap of $19.43 billion, a P/E ratio of 15.47, a PEG ratio of 2.28 and a beta of 1.44. The company has a 50-day moving average price of $93.33 and a 200 day moving average price of $89.62. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the previous year, the business posted $1.29 earnings per share. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.15%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BBY. Piper Sandler restated an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Loop Capital reduced their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, Guggenheim reduced their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.06.

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.