Greenleaf Trust Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Greenleaf Trust raised its position in Best Buy Co., Inc. (NYSE:BBY) by 1.2% during the third quarter, HoldingsChannel reports. The firm owned 9,454 shares of the technology retailer’s stock after purchasing an additional 108 shares during the period. Greenleaf Trust’s holdings in Best Buy were worth $977,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Park Avenue Securities LLC increased its position in shares of Best Buy by 7.3% during the 1st quarter. Park Avenue Securities LLC now owns 6,927 shares of the technology retailer’s stock worth $568,000 after purchasing an additional 469 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Best Buy by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,984 shares of the technology retailer’s stock valued at $7,381,000 after acquiring an additional 4,420 shares in the last quarter. Hennessy Advisors Inc. boosted its stake in shares of Best Buy by 23.4% in the 1st quarter. Hennessy Advisors Inc. now owns 36,900 shares of the technology retailer’s stock valued at $3,027,000 after buying an additional 7,000 shares during the period. AMF Tjanstepension AB purchased a new position in shares of Best Buy in the 1st quarter valued at about $8,676,000. Finally, Kathmere Capital Management LLC boosted its stake in shares of Best Buy by 25.4% in the 1st quarter. Kathmere Capital Management LLC now owns 7,037 shares of the technology retailer’s stock valued at $577,000 after buying an additional 1,426 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BBY shares. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Evercore ISI boosted their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. The Goldman Sachs Group boosted their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. UBS Group lifted their price target on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Performance

Best Buy stock opened at $94.12 on Friday. The stock’s 50-day moving average is $96.02 and its 200-day moving average is $86.51. The company has a market cap of $20.30 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71.

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

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.99%. Best Buy’s payout ratio is currently 65.85%.

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.