Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 73.4% during the 3rd quarter, Holdings Channel reports. The firm owned 10,396 shares of the technology retailer’s stock after selling 28,658 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $1,074,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BBY. Bleakley Financial Group LLC boosted its position in Best Buy by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock worth $494,000 after acquiring an additional 311 shares during the last quarter. SageView Advisory Group LLC acquired a new position in Best Buy during the first quarter worth about $309,000. Kingsview Wealth Management LLC acquired a new position in Best Buy during the first quarter worth about $695,000. Dorsey & Whitney Trust CO LLC boosted its position in Best Buy by 30.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,491 shares of the technology retailer’s stock worth $368,000 after acquiring an additional 1,038 shares during the last quarter. Finally, Tocqueville Asset Management L.P. boosted its position in Best Buy by 28.4% during the first quarter. Tocqueville Asset Management L.P. now owns 3,280 shares of the technology retailer’s stock worth $269,000 after acquiring an additional 725 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 1.2 %

Shares of BBY stock opened at $92.66 on Friday. 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 stock has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The company has a 50 day moving average price of $95.81 and a 200 day moving average price of $88.00. Best Buy Co., Inc. has a fifty-two week low of $62.92 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued 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 dividend payout ratio (DPR) is presently 64.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Loop Capital lifted their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Finally, UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.35.

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.