Best Buy Co., Inc. (NYSE:BBY) Position Lessened by Private Trust Co. NA

Private Trust Co. NA lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,378 shares of the technology retailer’s stock after selling 274 shares during the quarter. Private Trust Co. NA’s holdings in Best Buy were worth $452,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ninety One UK Ltd bought a new position in Best Buy during the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans increased its stake in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Swedbank AB acquired a new stake in shares of Best Buy in the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC boosted its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BBY. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Bank of America lifted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Finally, Evercore ISI upped their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Price Performance

Shares of BBY stock opened at $88.15 on Thursday. Best Buy Co., Inc. has a 12 month low of $68.67 and a 12 month high of $103.71. The company has a market capitalization of $18.93 billion, a P/E ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The stock has a 50 day moving average of $94.16 and a two-hundred day moving average of $89.07. 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) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.27%. Best Buy’s payout ratio is currently 64.83%.

Best Buy Company 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.