Principal Street Partners LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,758 shares of the technology retailer’s stock after selling 135 shares during the quarter. Principal Street Partners LLC’s holdings in Best Buy were worth $292,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. increased its stake in shares of Best Buy by 279.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 300 shares of the technology retailer’s stock worth $34,000 after acquiring an additional 221 shares during the last quarter. TCI Wealth Advisors Inc. boosted its holdings in Best Buy by 34.6% in the third quarter. TCI Wealth Advisors Inc. now owns 362 shares of the technology retailer’s stock worth $38,000 after purchasing an additional 93 shares in the last quarter. Allworth Financial LP boosted its holdings in Best Buy by 345.8% in the third quarter. Allworth Financial LP now owns 428 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 332 shares in the last quarter. Tacita Capital Inc bought a new stake in Best Buy in the second quarter worth $56,000. Finally, Bartlett & Co. LLC boosted its holdings in Best Buy by 598.7% in the third quarter. Bartlett & Co. LLC now owns 531 shares of the technology retailer’s stock worth $56,000 after purchasing an additional 455 shares in the last quarter. 78.82% of the stock is currently owned by institutional investors and hedge funds.
NYSE:BBY traded down $0.20 during mid-day trading on Friday, hitting $102.40. The company had a trading volume of 33,535 shares, compared to its average volume of 2,997,031. Best Buy Co., Inc. has a fifty-two week low of $94.54 and a fifty-two week high of $141.97. The business’s fifty day moving average is $110.97 and its two-hundred day moving average is $112.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.42 and a current ratio of 1.13. The firm has a market cap of $24.63 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.12 and a beta of 1.54.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.13. The company had revenue of $11.91 billion during the quarter, compared to the consensus estimate of $11.62 billion. Best Buy had a return on equity of 63.58% and a net margin of 5.05%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.06 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 10.1 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 4th. Investors of record on Tuesday, December 14th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, December 13th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.73%. Best Buy’s payout ratio is presently 27.13%.
In other news, insider Damien Harmon sold 365 shares of the stock in a transaction dated Monday, January 10th. The shares were sold at an average price of $101.72, for a total value of $37,127.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.36% of the company’s stock.
BBY has been the subject of a number of recent research reports. Piper Sandler upgraded shares of Best Buy to a “buy” rating and upped their price objective for the stock from $150.00 to $155.00 in a report on Tuesday, October 26th. Truist Financial began coverage on shares of Best Buy in a report on Thursday. They set a “hold” rating and a $108.00 price target for the company. Jefferies Financial Group cut their price objective on shares of Best Buy from $145.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, November 24th. Bank of America raised shares of Best Buy to a “buy” rating and upped their price objective for the company from $157.00 to $175.00 in a research report on Wednesday, November 24th. Finally, Truist began coverage on shares of Best Buy in a research report on Thursday. They set a “hold” rating and a $108.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $127.18.
About Best Buy
Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.
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