Best Buy Co., Inc. (NYSE:BBY) Holdings Cut by HM Payson & Co.

HM Payson & Co. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 77.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 525 shares of the technology retailer’s stock after selling 1,800 shares during the period. HM Payson & Co.’s holdings in Best Buy were worth $54,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BBY. Ninety One UK Ltd bought a new position in Best Buy during the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans raised its holdings in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 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 valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB bought a new stake in Best Buy in the first quarter worth $43,522,000. Finally, AQR Capital Management LLC boosted its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Truist Financial boosted their price target on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. UBS Group boosted their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Citigroup increased 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. The Goldman Sachs Group lifted their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. One investment 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Trading Up 0.5 %

Best Buy stock opened at $90.90 on Friday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The stock has a market cap of $19.52 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 2.37 and a beta of 1.48. The business has a 50 day moving average price of $96.82 and a two-hundred day moving average price of $87.12. 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 (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business earned $1.22 earnings per share. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.14%. Best Buy’s payout ratio is currently 64.83%.

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.