Public Sector Pension Investment Board Acquires 300 Shares of Best Buy Co., Inc. (NYSE:BBY)

Public Sector Pension Investment Board lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.2% in the third quarter, Holdings Channel.com reports. The fund owned 7,420 shares of the technology retailer’s stock after purchasing an additional 300 shares during the period. Public Sector Pension Investment Board’s holdings in Best Buy were worth $766,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Park Avenue Securities LLC raised its holdings in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust lifted its holdings in Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after buying an additional 108 shares during the period. SeaCrest Wealth Management LLC boosted its position in Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares in the last quarter. Tobam grew its holdings in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC lifted its stake in shares of Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 1.8 %

Best Buy stock opened at $88.17 on Friday. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The business’s fifty day moving average is $92.84 and its 200 day moving average is $89.84. The stock has a market capitalization of $18.93 billion, a PE ratio of 15.07, a price-to-earnings-growth ratio of 2.27 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the previous year, the business earned $1.29 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. Best Buy’s payout ratio is 64.27%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Evercore ISI upped their target price 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. Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. Loop Capital cut their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Finally, Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

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.