Integrated Advisors Network LLC Has $218,000 Holdings in Best Buy Co., Inc. (NYSE:BBY)

Integrated Advisors Network LLC trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 24.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,111 shares of the technology retailer’s stock after selling 696 shares during the period. Integrated Advisors Network LLC’s holdings in Best Buy were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Ninety One UK Ltd acquired a new position in Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans raised its stake in Best Buy by 4,337.6% in the second 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 position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the period. Swedbank AB bought a new position in Best Buy in the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC raised its position in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBY shares. Telsey Advisory Group increased their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Citigroup lifted their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Barclays raised their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Stock Performance

NYSE BBY opened at $90.92 on Friday. The company has a market capitalization of $19.52 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 2.37 and a beta of 1.46. 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 Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The stock has a fifty day simple moving average of $96.82 and a 200 day simple moving average of $87.04.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The company 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%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The company 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. This represents a $3.76 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 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.