PNC Financial Services Group Inc. Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

PNC Financial Services Group Inc. lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 7.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,195 shares of the technology retailer’s stock after buying an additional 2,548 shares during the period. PNC Financial Services Group Inc.’s holdings in Best Buy were worth $3,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Richardson Financial Services Inc. boosted its stake in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the 3rd quarter worth $40,000. Whittier Trust Co. boosted 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 worth $41,000 after buying an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on BBY. Wells Fargo & Company raised their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Citigroup decreased their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, Loop Capital raised their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Trading Up 3.5 %

BBY opened at $89.54 on Monday. Best Buy Co., Inc. has a 12 month low of $67.80 and a 12 month high of $103.71. The stock has a 50-day moving average of $94.72 and a 200 day moving average of $88.84. The firm has a market cap of $19.23 billion, a P/E ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. 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. As a group, research 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. Shareholders 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 4.20%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.