Avestar Capital LLC Acquires New Holdings in Best Buy Co., Inc. (NYSE:BBY)

Avestar Capital LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,147 shares of the technology retailer’s stock, valued at approximately $222,000.

Several other institutional investors also recently bought and sold shares of the business. Brooklyn Investment Group purchased a new position in Best Buy during the third quarter valued at approximately $44,000. Quantbot Technologies LP acquired a new stake in Best Buy in the third quarter valued at approximately $1,550,000. The Manufacturers Life Insurance Company boosted its stake in Best Buy by 5.1% in the third quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock valued at $15,803,000 after acquiring an additional 7,430 shares in the last quarter. Trust Asset Management LLC acquired a new stake in Best Buy in the third quarter valued at approximately $237,000. Finally, Daiwa Securities Group Inc. boosted its stake in Best Buy by 16.6% in the third quarter. Daiwa Securities Group Inc. now owns 24,720 shares of the technology retailer’s stock valued at $2,554,000 after acquiring an additional 3,511 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Down 0.4 %

NYSE BBY opened at $88.17 on Friday. The company has a market capitalization of $18.93 billion, a PE ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The company has a fifty day moving average of $93.96 and a 200 day moving average of $89.06. Best Buy Co., Inc. has a 1 year low of $68.67 and a 1 year high of $103.71. 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 (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.26%. Best Buy’s payout ratio is 64.83%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BBY. The Goldman Sachs Group raised their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday. Barclays raised their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.82.

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.