Weiss Asset Management LP Has $6.27 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Weiss Asset Management LP decreased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 64.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,705 shares of the technology retailer's stock after selling 109,741 shares during the period. Weiss Asset Management LP's holdings in Best Buy were worth $6,271,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Richardson Financial Services Inc. lifted its holdings 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 valued at $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Best Buy during the third quarter valued at approximately $40,000. Innealta Capital LLC acquired a new stake in Best Buy in the second quarter valued at approximately $35,000. Brooklyn Investment Group acquired a new stake in Best Buy in the third quarter valued at approximately $44,000. Finally, Whittier Trust Co. grew its position in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after acquiring an additional 171 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BBY shares. BNP Paribas raised shares of Best Buy to a "strong-buy" rating in a research note on Thursday, August 29th. DA Davidson reaffirmed a "buy" rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Guggenheim lowered their price objective on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, November 29th. Truist Financial reduced their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a report on Wednesday, November 27th. Finally, Piper Sandler reiterated an "overweight" rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $101.06.

Best Buy Stock Performance

BBY traded down $1.63 on Friday, hitting $88.17. 3,295,408 shares of the stock traded hands, compared to its average volume of 3,763,939. The business has a fifty day moving average price of $92.84 and a two-hundred day moving average price of $89.84. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.93 billion, a PE ratio of 15.07, a P/E/G ratio of 2.27 and a beta of 1.44. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion for 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%. The business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

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.