Stifel Financial Corp Sells 62,206 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stifel Financial Corp lowered its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 880,341 shares of the technology retailer's stock after selling 62,206 shares during the quarter. Stifel Financial Corp owned approximately 0.41% of Best Buy worth $90,940,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. raised its holdings in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock valued at $636,840,000 after purchasing an additional 241,988 shares in the last quarter. Raymond James & Associates increased its position 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 last quarter. Dimensional Fund Advisors LP raised its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock valued at $257,569,000 after buying an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Finally, Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter worth about $121,325,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BBY shares. BNP Paribas raised Best Buy to a "strong-buy" rating in a research note on Thursday, August 29th. Citigroup dropped their price target on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, November 22nd. Piper Sandler reiterated an "overweight" rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, Wells Fargo & Company cut their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $101.06.

Best Buy Price Performance

BBY stock traded down $1.63 during midday trading on Friday, reaching $88.17. 3,295,408 shares of the company's stock traded hands, compared to its average volume of 3,074,545. The company has a 50-day simple moving average of $93.12 and a two-hundred day simple moving average of $89.62. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a market cap of $18.93 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 2.23 and a beta of 1.44.

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

Best Buy Announces Dividend

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

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.