Quadrature Capital Ltd Cuts Holdings in Best Buy Co., Inc. (NYSE:BBY)

Quadrature Capital Ltd trimmed its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 72.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 36,487 shares of the technology retailer's stock after selling 95,342 shares during the period. Quadrature Capital Ltd's holdings in Best Buy were worth $3,769,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Quantinno Capital Management LP lifted its stake in shares of Best Buy by 107.0% in the 3rd quarter. Quantinno Capital Management LP now owns 29,172 shares of the technology retailer's stock valued at $3,014,000 after acquiring an additional 15,077 shares during the last quarter. Quarry LP lifted its stake in shares of Best Buy by 202.3% in the 3rd quarter. Quarry LP now owns 1,832 shares of the technology retailer's stock valued at $189,000 after acquiring an additional 1,226 shares during the last quarter. Royal London Asset Management Ltd. raised its position in Best Buy by 10.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 88,664 shares of the technology retailer's stock worth $9,159,000 after purchasing an additional 8,237 shares during the last quarter. Petrus Trust Company LTA bought a new position in Best Buy during the 3rd quarter worth $845,000. Finally, IHT Wealth Management LLC bought a new position in Best Buy during the 3rd quarter worth $757,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 1.8 %

Shares of Best Buy stock traded down $1.63 during trading hours on Friday, reaching $88.17. The company's stock had a trading volume of 3,295,408 shares, compared to its average volume of 3,074,545. The company has a market capitalization of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.23 and a beta of 1.44. The stock's fifty day simple moving average is $93.12 and its two-hundred day simple moving average is $89.62. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy's revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.29 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.26%. Best Buy's dividend payout ratio (DPR) is currently 64.27%.

Analyst Ratings Changes

Several research analysts recently issued reports on BBY shares. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Telsey Advisory Group lowered their target price on Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Tuesday, November 26th. Piper Sandler reaffirmed an "overweight" rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wedbush raised their target price on Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 30th. Finally, Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $101.06.

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.