Mediolanum International Funds Ltd acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 84,377 shares of the technology retailer's stock, valued at approximately $8,614,000.
A number of other large investors have also recently bought and sold shares of BBY. Palisade Asset Management LLC bought a new stake in Best Buy during the 1st quarter valued at $27,000. Richardson Financial Services Inc. lifted its stake in shares of 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 acquiring an additional 210 shares during the period. PrairieView Partners LLC boosted its holdings in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer's stock valued at $31,000 after acquiring an additional 151 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy during the second quarter valued at approximately $35,000. Finally, Whittier Trust Co. raised its holdings in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company's stock.
Best Buy Stock Performance
Shares of NYSE:BBY traded down $1.44 on Friday, hitting $92.68. 2,023,236 shares of the company were exchanged, compared to its average volume of 3,004,361. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm has a market capitalization of $19.99 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46. The company's 50 day moving average price is $96.37 and its two-hundred day moving average price is $86.65. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.
Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business's revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.
Best Buy Announces Dividend
The company 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 yield of 4.06%. Best Buy's dividend payout ratio (DPR) is presently 65.85%.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on BBY shares. Truist Financial increased their price target on Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a research note on Friday, August 30th. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a report on Friday, August 30th. Wells Fargo & Company increased their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Finally, Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They set a "hold" rating and a $100.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $103.71.
Get Our Latest Report on BBY
About Best Buy
(
Free Report)
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.
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