Wealth Enhancement Advisory Services LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 15.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,286 shares of the technology retailer's stock after purchasing an additional 15,517 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.05% of Best Buy worth $11,909,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Palisade Asset Management LLC bought a new position in Best Buy in the 1st quarter valued at $27,000. Richardson Financial Services Inc. grew its stake in shares of Best Buy by 190.9% during 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 grew its stake in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer's stock worth $31,000 after acquiring an additional 151 shares during the period. Innealta Capital LLC bought a new position in shares of Best Buy during the 2nd quarter worth $35,000. Finally, Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after acquiring an additional 171 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBY has been the subject of several research reports. Citigroup increased their price target on Best Buy from $100.00 to $115.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Telsey Advisory Group increased their price target on Best Buy from $95.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Bank of America increased their price target on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research note on Friday, August 30th. Barclays increased their price target on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. raised their target price on Best Buy from $101.00 to $111.00 and gave the stock an "overweight" rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $103.71.

Best Buy Trading Down 1.7 %

Shares of BBY stock traded down $1.58 during trading hours on Tuesday, reaching $89.96. The company's stock had a trading volume of 3,407,508 shares, compared to its average volume of 3,002,431. The stock has a market capitalization of $19.32 billion, a P/E ratio of 15.51, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm's fifty day simple moving average is $96.50 and its 200 day simple moving average is $86.80. 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 released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share 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 company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The firm's revenue was down 3.1% on a year-over-year basis. Equities research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's payout ratio is 64.83%.

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.