Impact Partnership Wealth LLC Acquires 5,555 Shares of Best Buy Co., Inc. (NYSE:BBY)

Impact Partnership Wealth LLC grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 126.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,947 shares of the technology retailer's stock after buying an additional 5,555 shares during the quarter. Impact Partnership Wealth LLC's holdings in Best Buy were worth $1,028,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Park Avenue Securities LLC increased its position in Best Buy by 7.3% in the first quarter. Park Avenue Securities LLC now owns 6,927 shares of the technology retailer's stock worth $568,000 after purchasing an additional 469 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Best Buy by 5.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,984 shares of the technology retailer's stock worth $7,381,000 after buying an additional 4,420 shares during the last quarter. Hennessy Advisors Inc. boosted its holdings in Best Buy by 23.4% during the first quarter. Hennessy Advisors Inc. now owns 36,900 shares of the technology retailer's stock worth $3,027,000 after buying an additional 7,000 shares during the last quarter. AMF Tjanstepension AB bought a new position in Best Buy during the first quarter worth about $8,676,000. Finally, Kathmere Capital Management LLC boosted its holdings in Best Buy by 25.4% during the first quarter. Kathmere Capital Management LLC now owns 7,037 shares of the technology retailer's stock worth $577,000 after buying an additional 1,426 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Up 0.8 %

Shares of NYSE:BBY traded up $0.77 during trading on Thursday, hitting $94.12. 1,324,486 shares of the company were exchanged, compared to its average volume of 3,009,124. The stock has a market cap of $20.30 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The firm has a fifty day moving average price of $96.02 and a two-hundred day moving average price of $86.51. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a report on Friday, August 30th. BNP Paribas upgraded Best Buy to a "strong-buy" rating in a report on Thursday, August 29th. Piper Sandler reiterated an "overweight" rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Evercore ISI lifted their price objective on Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a report on Friday, August 30th. Finally, Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $103.71.

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.