Fmr LLC Has $30.72 Million Position in Best Buy Co., Inc. (NYSE:BBY)

FMR LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 297,403 shares of the technology retailer's stock after selling 246,244 shares during the quarter. FMR LLC owned about 0.14% of Best Buy worth $30,722,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Richardson Financial Services Inc. raised its stake in 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 purchasing an additional 210 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at approximately $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter valued at approximately $40,000. Whittier Trust Co. raised its position in shares of Best Buy by 53.3% in 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. Finally, Benjamin Edwards Inc. raised its position in shares of Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock valued at $42,000 after buying an additional 166 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Down 1.0 %

Shares of NYSE:BBY traded down $0.84 during trading on Monday, reaching $87.33. The stock had a trading volume of 3,609,926 shares, compared to its average volume of 3,076,802. The firm's fifty day moving average is $92.52 and its 200 day moving average is $90.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The stock has a market cap of $18.75 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 2.21 and a beta of 1.44.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.31%. Best Buy's payout ratio is presently 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several analyst reports. Bank of America boosted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research report on Friday, August 30th. Barclays boosted their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. Citigroup decreased their price target on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. Truist Financial decreased their price target on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a report on Wednesday, November 27th. Finally, Melius Research initiated coverage on shares of Best Buy in a report on Monday, September 23rd. They set a "hold" rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Best Buy presently 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.