abrdn plc Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

abrdn plc grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 875,537 shares of the technology retailer's stock after acquiring an additional 26,439 shares during the period. abrdn plc owned about 0.41% of Best Buy worth $90,198,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Park Avenue Securities LLC raised its stake in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer's stock valued at $855,000 after acquiring an additional 103 shares during the period. Greenleaf Trust raised its position in shares of Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock valued at $977,000 after purchasing an additional 108 shares during the period. SeaCrest Wealth Management LLC lifted its stake in shares of Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock valued at $276,000 after buying an additional 118 shares in the last quarter. Tobam boosted its holdings in Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer's stock worth $75,000 after buying an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC raised its holdings in 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 during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

NYSE BBY traded up $0.44 on Wednesday, reaching $90.41. 2,200,206 shares of the company's stock traded hands, compared to its average volume of 2,998,619. 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 Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The stock has a 50-day simple moving average of $96.67 and a 200 day simple moving average of $86.91. The stock has a market cap of $19.41 billion, a PE ratio of 15.59, a P/E/G ratio of 2.58 and a beta of 1.46.

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 (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during 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 company's revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. As a group, research 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 disclosed 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 annualized dividend and a yield of 4.16%. Best Buy's payout ratio is currently 64.83%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BBY. DA Davidson reiterated a "buy" rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Friday, August 30th. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research report on Friday, August 30th. Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a research report on Friday, August 30th. Finally, UBS Group upped their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a "buy" 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $103.71.

About Best Buy

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.