Best Buy Co., Inc. (NYSE:BBY) Stock Position Lifted by Blue Trust Inc.

Blue Trust Inc. grew its position in Best Buy Co., Inc. (NYSE:BBY) by 21.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,452 shares of the technology retailer’s stock after acquiring an additional 974 shares during the quarter. Blue Trust Inc.’s holdings in Best Buy were worth $563,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Palisade Asset Management LLC acquired a new position in Best Buy in the first quarter worth $27,000. Richardson Financial Services Inc. boosted its holdings in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the period. PrairieView Partners LLC grew its position in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares during the last quarter. Innealta Capital LLC acquired a new stake in Best Buy during the second quarter worth about $35,000. Finally, Whittier Trust Co. raised its stake in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on BBY. Truist Financial upped their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Melius Research assumed coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Finally, DA Davidson reaffirmed a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Stock Down 3.1 %

Shares of BBY stock opened at $93.17 on Tuesday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year 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 business’s fifty day moving average is $95.60 and its 200-day moving average is $86.36. The stock has a market cap of $20.10 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 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 for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the business earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Best Buy Company 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.