Arkadios Wealth Advisors Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Arkadios Wealth Advisors lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 95.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,681 shares of the technology retailer’s stock after purchasing an additional 3,268 shares during the period. Arkadios Wealth Advisors’ holdings in Best Buy were worth $690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. NorthCrest Asset Manangement LLC increased its stake in Best Buy by 16.9% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 11,579 shares of the technology retailer’s stock worth $1,196,000 after buying an additional 1,677 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after acquiring an additional 18,171 shares during the period. Louisiana State Employees Retirement System raised its stake in Best Buy by 1.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock valued at $1,147,000 after purchasing an additional 200 shares during the period. Burford Brothers Inc. bought a new stake in Best Buy during the 3rd quarter valued at approximately $518,000. Finally, Mediolanum International Funds Ltd bought a new position in Best Buy in the 3rd quarter worth approximately $8,614,000. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BBY shares. StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday, October 21st. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Evercore ISI raised their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Citigroup raised their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

BBY stock opened at $91.53 on Tuesday. The stock has a market cap of $19.74 billion, a PE ratio of 16.03, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a 50-day moving average price of $96.50 and a 200 day moving average price of $86.80. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

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

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.11%. Best Buy’s payout ratio is 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.