Citizens Financial Group Inc. RI Takes $223,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Citizens Financial Group Inc. RI purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, Holdings Channel reports. The fund purchased 2,142 shares of the technology retailer’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Moran Wealth Management LLC purchased a new position in Best Buy in the third quarter valued at about $6,449,000. Ontario Teachers Pension Plan Board bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $358,000. Thompson Davis & CO. Inc. purchased a new position in Best Buy in the third quarter valued at approximately $222,000. PNC Financial Services Group Inc. grew its holdings in Best Buy by 7.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer’s stock valued at $3,739,000 after purchasing an additional 2,548 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in Best Buy during the third quarter valued at $2,924,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $89.54 on Friday. The stock’s 50-day simple moving average is $94.72 and its two-hundred day simple moving average is $88.73. Best Buy Co., Inc. has a twelve month low of $67.80 and a twelve month high of $103.71. The firm has a market capitalization of $19.23 billion, a P/E ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share 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 business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors 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 4.20%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BBY shares. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Telsey Advisory Group increased their target price on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group upped their price target 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. Finally, Wells Fargo & Company lifted their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

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.