Atria Investments Inc Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Atria Investments Inc reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,669 shares of the technology retailer’s stock after selling 179 shares during the period. Atria Investments Inc’s holdings in Best Buy were worth $689,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in Best Buy during the 3rd quarter valued at about $179,000. Physicians Financial Services Inc. purchased a new position in shares of Best Buy during the third quarter valued at approximately $207,000. Comprehensive Financial Consultants Institutional Inc. boosted its holdings in Best Buy by 1.2% in the third quarter. Comprehensive Financial Consultants Institutional Inc. now owns 45,446 shares of the technology retailer’s stock worth $4,695,000 after purchasing an additional 547 shares during the last quarter. Consolidated Planning Corp bought a new stake in Best Buy in the 3rd quarter worth approximately $427,000. Finally, Principal Financial Group Inc. raised its stake in Best Buy by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock valued at $25,568,000 after buying an additional 4,958 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $87.00 on Wednesday. The business’s 50-day simple moving average is $95.33 and its two-hundred day simple moving average is $88.54. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The stock has a market cap of $18.68 billion, a PE ratio of 15.00, a P/E/G ratio of 2.43 and a beta of 1.47. 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 (NYSE:BBY) last issued 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. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the company earned $1.22 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business 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 dividend yield of 4.32%. Best Buy’s dividend payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BBY. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Citigroup reduced their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $103.35.

About Best Buy

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.