Best Buy Co., Inc. (NYSE:BBY) Holdings Cut by Peloton Wealth Strategists

Peloton Wealth Strategists reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.4% in the third quarter, HoldingsChannel.com reports. The fund owned 34,575 shares of the technology retailer’s stock after selling 1,600 shares during the quarter. Best Buy accounts for 1.4% of Peloton Wealth Strategists’ portfolio, making the stock its 28th biggest position. Peloton Wealth Strategists’ holdings in Best Buy were worth $3,572,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after buying an additional 241,988 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares during the period. Dimensional Fund Advisors LP boosted its stake in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp grew its position in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Finally, Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter valued at approximately $121,325,000. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

NYSE BBY opened at $88.17 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock’s 50-day moving average is $92.84 and its two-hundred day moving average is $89.97. The firm has a market cap of $18.93 billion, a P/E ratio of 15.07, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.29 earnings per share. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share 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. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. UBS Group decreased their target price 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. 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, November 22nd. 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. Finally, DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy 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.