Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 39.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 39,598 shares of the technology retailer’s stock after selling 25,629 shares during the quarter. Amalgamated Bank’s holdings in Best Buy were worth $4,090,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the 3rd quarter valued at about $40,000. Innealta Capital LLC acquired a new position in Best Buy in the 2nd quarter valued at about $35,000. Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% in the 2nd 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. Finally, Benjamin Edwards Inc. increased its holdings in shares of Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY opened at $89.18 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The stock has a market capitalization of $19.15 billion, a PE ratio of 15.38, a PEG ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a 50-day simple moving average of $96.59 and a 200-day simple moving average of $87.56.

Best Buy (NYSE:BBY) last posted its quarterly 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the previous year, the business posted $1.22 EPS. The firm’s revenue was down 3.1% on a year-over-year basis. On average, analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given 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 4.22%. Best Buy’s dividend payout ratio is currently 64.83%.

Wall Street Analyst Weigh In

BBY has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Bank of America increased their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Wedbush boosted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Truist Financial boosted their price target on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $103.35.

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.