PFG Investments LLC Acquires 4,096 Shares of Best Buy Co., Inc. (NYSE:BBY)

PFG Investments LLC lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 72.6% in the third quarter, Holdings Channel reports. The fund owned 9,737 shares of the technology retailer’s stock after purchasing an additional 4,096 shares during the quarter. PFG Investments LLC’s holdings in Best Buy were worth $1,006,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new stake in shares of Best Buy in the 1st quarter valued at approximately $27,000. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the period. PrairieView Partners LLC increased its position in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Best Buy in the second quarter valued at $35,000. Finally, Whittier Trust Co. boosted its stake 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 worth $41,000 after purchasing an additional 171 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 1.5 %

NYSE BBY opened at $92.68 on Monday. The company has a 50 day moving average price of $96.37 and a 200 day moving average price of $86.72. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The firm has a market cap of $19.99 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

A number of research firms recently weighed in on BBY. Barclays increased their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Melius Research started coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Finally, Wedbush lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

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.