Weiss Asset Management LP Sells 109,741 Shares of Best Buy Co., Inc. (NYSE:BBY)

Weiss Asset Management LP cut its position in Best Buy Co., Inc. (NYSE:BBY) by 64.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,705 shares of the technology retailer’s stock after selling 109,741 shares during the quarter. Weiss Asset Management LP’s holdings in Best Buy were worth $6,271,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Richardson Financial Services Inc. raised its position 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 last quarter. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter valued at about $40,000. Innealta Capital LLC bought a new position in Best Buy in the second quarter valued at about $35,000. Brooklyn Investment Group bought a new position in Best Buy in the third quarter valued at about $44,000. Finally, Whittier Trust Co. increased its stake in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 1.8 %

Shares of NYSE:BBY opened at $88.17 on Friday. The business’s 50 day simple moving average is $93.12 and its two-hundred day simple moving average is $89.62. The firm has a market cap of $18.93 billion, a P/E ratio of 15.07, a PEG ratio of 2.23 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the prior year, the business earned $1.29 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. Best Buy’s dividend payout ratio is presently 64.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BBY shares. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Guggenheim decreased their price target on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Finally, UBS Group decreased their price target on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target 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.