State Street Corp Sells 207,813 Shares of Best Buy Co., Inc. (NYSE:BBY)

State Street Corp decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 13,271,563 shares of the technology retailer's stock after selling 207,813 shares during the period. State Street Corp owned about 6.18% of Best Buy worth $1,382,951,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Richardson Financial Services Inc. increased its stake in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the third quarter valued at approximately $40,000. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter worth approximately $35,000. Brooklyn Investment Group purchased a new stake in shares of Best Buy in the 3rd quarter worth approximately $44,000. Finally, Whittier Trust Co. increased its position in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after buying an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of NYSE:BBY traded down $1.63 during mid-day trading on Friday, reaching $88.17. 3,295,408 shares of the company traded hands, compared to its average volume of 3,763,939. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The firm has a market cap of $18.93 billion, a PE ratio of 15.07, a PEG ratio of 2.27 and a beta of 1.44. The company's 50 day moving average price is $92.84 and its 200-day moving average price is $89.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to analysts' expectations of $9.63 billion. During the same period last year, the company earned $1.29 earnings per share. The business's revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

Analyst Ratings Changes

Several equities research analysts have commented on BBY shares. Guggenheim dropped their target price on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, November 29th. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, November 22nd. Truist Financial reduced their price objective on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research note on Wednesday, November 27th. Loop Capital cut their price target on shares of Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. Finally, BNP Paribas raised shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $101.06.

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.