Best Buy Co., Inc. (NYSE:BBY) Holdings Decreased by Oak Harbor Wealth Partners LLC

Oak Harbor Wealth Partners LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,575 shares of the technology retailer’s stock after selling 863 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Best Buy were worth $1,712,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Raymond James & Associates raised its position in Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd purchased a new position in Best Buy during the 2nd quarter valued at about $121,325,000. Finally, AQR Capital Management LLC grew its stake in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BBY. Citigroup lowered their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Up 1.0 %

BBY opened at $91.59 on Friday. The business has a 50 day moving average price of $95.97 and a 200 day moving average price of $87.97. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month 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. The firm has a market cap of $19.67 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company earned $1.22 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.11%. Best Buy’s dividend payout ratio (DPR) is presently 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.