Ballentine Partners LLC Sells 423 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ballentine Partners LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,192 shares of the technology retailer’s stock after selling 423 shares during the quarter. Ballentine Partners LLC’s holdings in Best Buy were worth $743,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Raymond James & Associates boosted its stake in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp grew its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd purchased a new stake in Best Buy in the 2nd quarter worth about $121,325,000. Finally, AQR Capital Management LLC lifted its stake in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BBY shares. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Citigroup upped their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group lifted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Trading Down 1.5 %

Shares of NYSE:BBY opened at $92.68 on Friday. The company has a market capitalization of $19.99 billion, a PE ratio of 16.23, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The business’s fifty day simple moving average is $96.37 and its 200-day simple moving average is $86.65.

Best Buy (NYSE:BBY) last posted its earnings results 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. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal 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 given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. Best Buy’s payout ratio is 65.85%.

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.