First Trust Direct Indexing L.P. Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

First Trust Direct Indexing L.P. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 13.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,271 shares of the technology retailer’s stock after purchasing an additional 521 shares during the period. First Trust Direct Indexing L.P.’s holdings in Best Buy were worth $441,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Abich Financial Wealth Management LLC increased its stake in shares of Best Buy by 959.6% in the third quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock worth $57,000 after purchasing an additional 499 shares in the last quarter. Fortitude Family Office LLC grew its stake in Best Buy by 353.7% during the third quarter. Fortitude Family Office LLC now owns 667 shares of the technology retailer’s stock valued at $69,000 after acquiring an additional 520 shares in the last quarter. abrdn plc grew its stake in Best Buy by 3.1% during the third quarter. abrdn plc now owns 875,537 shares of the technology retailer’s stock valued at $90,198,000 after acquiring an additional 26,439 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its stake in Best Buy by 0.9% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 134,949 shares of the technology retailer’s stock valued at $13,940,000 after acquiring an additional 1,147 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its stake in Best Buy by 128.3% during the third quarter. Pallas Capital Advisors LLC now owns 9,589 shares of the technology retailer’s stock valued at $903,000 after acquiring an additional 5,388 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.5 %

Shares of BBY opened at $90.90 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The firm has a 50 day moving average price of $96.82 and a 200-day moving average price of $87.20. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 2.37 and a beta of 1.48.

Best Buy (NYSE:BBY) last issued its 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 company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Wedbush boosted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group boosted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Finally, UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.