KBC Group NV Sells 46,066 Shares of Best Buy Co., Inc. (NYSE:BBY)

KBC Group NV reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 375,595 shares of the technology retailer's stock after selling 46,066 shares during the period. KBC Group NV owned 0.17% of Best Buy worth $38,799,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC lifted its holdings in shares of Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer's stock valued at $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust grew its position in Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock worth $977,000 after buying an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock valued at $276,000 after purchasing an additional 118 shares in the last quarter. Tobam boosted its holdings in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer's stock valued at $75,000 after acquiring an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC boosted its holdings in shares of Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer's stock valued at $360,000 after acquiring an additional 124 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY traded up $1.08 during midday trading on Friday, reaching $92.66. The company's stock had a trading volume of 3,741,374 shares, compared to its average volume of 2,988,747. Best Buy Co., Inc. has a 12-month low of $62.92 and a 12-month high of $103.71. The firm has a 50 day moving average price of $95.81 and a 200-day moving average price of $88.00. The stock has a market capitalization of $19.90 billion, a P/E ratio of 15.95, a PEG 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.

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

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend 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 recently issued reports on BBY shares. BNP Paribas raised Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the stock a "hold" rating in a research report on Friday, August 30th. Evercore ISI lifted their price objective 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. DA Davidson reissued a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Finally, Telsey Advisory Group lifted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, 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.