Ashton Thomas Securities LLC Buys New Shares in Best Buy Co., Inc. (NYSE:BBY)

Ashton Thomas Securities LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 698 shares of the technology retailer’s stock, valued at approximately $72,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. grew its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the 3rd quarter valued at $40,000. Innealta Capital LLC acquired a new stake in shares of Best Buy during the 2nd quarter worth $35,000. Whittier Trust Co. increased its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its position in shares of Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BBY. Truist Financial increased their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Citigroup dropped their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Melius Research initiated coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Stock Performance

BBY stock opened at $90.20 on Wednesday. The company has a 50-day simple moving average of $96.37 and a 200 day simple moving average of $87.84. The company has a market capitalization of $19.37 billion, a P/E ratio of 15.55, a PEG ratio of 2.33 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a fifty-two week low of $62.92 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share 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 during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the business posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is presently 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.