Moran Wealth Management LLC Buys New Position in Best Buy Co., Inc. (NYSE:BBY)

Moran Wealth Management LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 62,429 shares of the technology retailer's stock, valued at approximately $6,449,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BBY. QRG Capital Management Inc. raised its stake in Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock valued at $3,279,000 after buying an additional 3,025 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer's stock worth $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer's stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock worth $15,806,000 after purchasing an additional 18,171 shares during the period. Institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BBY. DA Davidson reiterated a "buy" rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. The Goldman Sachs Group boosted their price objective on Best Buy from $95.00 to $116.00 and gave the company a "buy" rating in a research report on Tuesday, September 3rd. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Melius Research started coverage on Best Buy in a research report on Monday, September 23rd. They issued a "hold" rating and a $100.00 price objective for the company. Finally, Truist Financial boosted their price target on Best Buy from $86.00 to $107.00 and gave the stock a "hold" rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of "Moderate Buy" and an average target price of $103.35.

Best Buy Trading Up 0.8 %

Shares of Best Buy stock traded up $0.66 during trading hours on Thursday, hitting $87.43. The company's stock had a trading volume of 937,997 shares, compared to its average volume of 2,986,165. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market cap of $18.77 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 2.28 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $67.38 and a twelve month high of $103.71. The firm has a fifty day moving average of $95.11 and a 200-day moving average of $88.53.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.30%. Best Buy's dividend payout ratio (DPR) 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.