Freedom Investment Management Inc. Sells 580 Shares of Best Buy Co., Inc. (NYSE:BBY)

Freedom Investment Management Inc. reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 22.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,991 shares of the technology retailer’s stock after selling 580 shares during the period. Freedom Investment Management Inc.’s holdings in Best Buy were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the 3rd quarter worth approximately $40,000. Whittier Trust Co. increased its position in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after buying an additional 259 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

BBY stock opened at $90.00 on Monday. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The firm has a market cap of $19.33 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 2.39 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 1.00. The firm has a 50-day simple moving average of $93.81 and a two-hundred day simple moving average of $89.38.

Best Buy (NYSE:BBY) last announced its 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 the consensus estimate of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm earned $1.22 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Analysts Set New Price Targets

Several research firms have commented on BBY. Guggenheim cut their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Loop Capital dropped their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

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.