Manchester Financial Inc. Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

Manchester Financial Inc. reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,745 shares of the technology retailer’s stock after selling 200 shares during the quarter. Manchester Financial Inc.’s holdings in Best Buy were worth $284,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BBY. GAMMA Investing LLC raised its holdings in Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after buying an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares during the last quarter. M&G Plc bought a new position in Best Buy during the first quarter valued at $8,608,000. Van ECK Associates Corp raised its stake in shares of Best Buy by 21.9% in the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock valued at $9,715,000 after acquiring an additional 21,258 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Best Buy by 119.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,635 shares of the technology retailer’s stock worth $14,559,000 after acquiring an additional 100,689 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BBY shares. UBS Group increased their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Barclays increased their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Citigroup boosted their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, Piper Sandler reiterated 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

Shares of NYSE BBY opened at $92.68 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market cap of $19.99 billion, a PE ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm has a fifty day moving average of $96.37 and a 200 day moving average of $86.68.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the firm posted $1.22 EPS. Best Buy’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.06%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.