Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 152,985 shares of the technology retailer’s stock after acquiring an additional 7,430 shares during the period. The Manufacturers Life Insurance Company’s holdings in Best Buy were worth $15,803,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Richardson Financial Services Inc. lifted its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC acquired a new stake in Best Buy during the 2nd quarter worth about $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the third quarter valued at about $40,000. Whittier Trust Co. boosted its holdings in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after acquiring an additional 259 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $90.00 on Monday. The stock has a market capitalization of $19.33 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.39 and a beta of 1.47. The business has a 50-day moving average of $93.81 and a two-hundred day moving average of $89.38. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Analyst Upgrades and Downgrades

BBY has been the subject of several research analyst reports. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Truist Financial decreased their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Citigroup dropped their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Company 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.