Klein Pavlis & Peasley Financial Inc. Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Klein Pavlis & Peasley Financial Inc. lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 35.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 17,760 shares of the technology retailer’s stock after selling 9,840 shares during the quarter. Best Buy makes up approximately 1.5% of Klein Pavlis & Peasley Financial Inc.’s holdings, making the stock its 22nd largest position. Klein Pavlis & Peasley Financial Inc.’s holdings in Best Buy were worth $1,835,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Best Buy by 78.7% in the second 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 last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares during the last quarter. M&G Plc purchased a new position in Best Buy in the first quarter valued at $8,608,000. Van ECK Associates Corp increased its holdings in 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 buying an additional 21,258 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Best Buy by 119.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,635 shares of the technology retailer’s stock valued at $14,559,000 after buying an additional 100,689 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $92.68 on Monday. The company has a 50-day moving average of $96.37 and a 200-day moving average of $86.72. The company has a market capitalization of $19.99 billion, a P/E ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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

Best Buy Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BBY. Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

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.