Commerce Bank Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Commerce Bank cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,457 shares of the technology retailer’s stock after selling 12,872 shares during the quarter. Commerce Bank’s holdings in Best Buy were worth $7,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its holdings in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares in the last quarter. GAMMA Investing LLC boosted its stake in Best Buy by 78.7% during 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. Asset Management One Co. Ltd. increased its position in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted 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 purchasing an additional 7,663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after acquiring an additional 18,171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of several recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Citigroup lowered their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Price Performance

Shares of NYSE BBY opened at $86.83 on Friday. The stock has a market capitalization of $18.65 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 2.28 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm’s 50 day simple moving average is $94.89 and its 200-day simple moving average is $88.51. Best Buy Co., Inc. has a 12 month low of $67.38 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates 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 for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.22 earnings per share. Analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current 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 paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.33%. Best Buy’s dividend payout ratio is presently 64.83%.

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.