State Street Corp Trims Stock Position in Best Buy Co., Inc. (NYSE:BBY)

State Street Corp reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 1.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 13,271,563 shares of the technology retailer’s stock after selling 207,813 shares during the period. State Street Corp owned 0.06% of Best Buy worth $1,382,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of BBY. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 3rd quarter worth $40,000. Whittier Trust Co. boosted its holdings in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its stake in shares of Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after acquiring an additional 166 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 1.8 %

BBY opened at $88.17 on Friday. The business’s fifty day simple moving average is $93.12 and its 200 day simple moving average is $89.62. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The firm has a market cap of $18.93 billion, a P/E ratio of 15.07, a PEG ratio of 2.23 and a beta of 1.44. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter last year, the firm posted $1.29 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Analyst Ratings Changes

A number of equities research analysts recently commented on BBY shares. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Telsey Advisory Group reduced their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Finally, Piper Sandler reissued 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

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.