Janney Montgomery Scott LLC Sells 28,658 Shares of Best Buy Co., Inc. (NYSE:BBY)

Janney Montgomery Scott LLC decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 73.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,396 shares of the technology retailer's stock after selling 28,658 shares during the quarter. Janney Montgomery Scott LLC's holdings in Best Buy were worth $1,074,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Richardson Financial Services Inc. raised its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock worth $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC acquired a new position in Best Buy during the 2nd quarter worth approximately $35,000. Whittier Trust Co. grew its position in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after purchasing an additional 171 shares in the last quarter. 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 valued at $42,000 after acquiring an additional 259 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its stake in shares of Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock worth $42,000 after purchasing an additional 166 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 1.2 %

Best Buy stock traded up $1.08 during trading hours on Friday, hitting $92.66. The stock had a trading volume of 3,766,490 shares, compared to its average volume of 2,988,747. The business's 50 day simple moving average is $95.70 and its 200-day simple moving average is $88.12. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The stock has a market cap of $19.90 billion, a price-to-earnings ratio of 15.98, a P/E/G ratio of 2.37 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 EPS. The firm's revenue was down 3.1% compared to the same quarter last year. On average, equities analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. Best Buy's dividend payout ratio (DPR) is presently 64.83%.

Analysts Set New Price Targets

Several research analysts have recently commented on BBY shares. Piper Sandler reiterated an "overweight" rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. DA Davidson reissued a "buy" rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Citigroup lowered their price objective on Best Buy from $115.00 to $109.00 and set a "buy" rating on the stock in a research note on Friday, November 8th. StockNews.com lowered Best Buy from a "buy" rating to a "hold" rating in a report on Friday. Finally, UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Best Buy has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy 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.