Assetmark Inc. Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Assetmark Inc. decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 3.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,541 shares of the technology retailer’s stock after selling 140 shares during the quarter. Assetmark Inc.’s holdings in Best Buy were worth $469,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Best Buy during the 3rd quarter valued at $179,000. Physicians Financial Services Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth about $207,000. Comprehensive Financial Consultants Institutional Inc. lifted its position in shares of Best Buy by 1.2% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 45,446 shares of the technology retailer’s stock worth $4,695,000 after purchasing an additional 547 shares during the last quarter. Consolidated Planning Corp acquired a new position in shares of Best Buy during the 3rd quarter worth about $427,000. Finally, Principal Financial Group Inc. lifted its position in shares of Best Buy by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock worth $25,568,000 after purchasing an additional 4,958 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 1.2 %

Best Buy stock opened at $92.66 on Friday. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. 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 market capitalization of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47. The stock has a 50-day simple moving average of $95.81 and a 200 day simple moving average of $88.00.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (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 firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the business posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed 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 was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.06%. Best Buy’s dividend payout ratio is 64.83%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBY. JPMorgan Chase & Co. boosted 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. Barclays upped their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Loop Capital upped 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. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday. Finally, Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. One investment 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.