Cornercap Investment Counsel Inc. Sells 16,886 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 66.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,436 shares of the technology retailer's stock after selling 16,886 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Best Buy were worth $871,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BBY. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% during 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 during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy in the second quarter valued at about $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the 3rd quarter worth about $40,000. Whittier Trust Co. grew its holdings in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after acquiring an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake 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 during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Evercore ISI boosted their target price on Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research report on Friday, August 30th. Citigroup lowered 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. DA Davidson restated a "buy" rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Piper Sandler reaffirmed an "overweight" rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $103.35.

Best Buy Stock Performance

NYSE:BBY traded up $1.08 on Friday, reaching $92.66. 3,741,375 shares of the company's stock were exchanged, compared to its average volume of 2,988,635. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The firm has a market cap of $19.90 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 2.37 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The stock has a fifty day simple moving average of $95.81 and a 200-day simple moving average of $88.00.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. The business's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's dividend payout ratio is 64.83%.

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.