Cornercap Investment Counsel Inc. Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 66.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,436 shares of the technology retailer’s stock after selling 16,886 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Best Buy were worth $871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Richardson Financial Services Inc. grew its holdings in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy during the 3rd quarter valued at approximately $40,000. Whittier Trust Co. lifted its holdings in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BBY shares. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Loop Capital raised their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. The Goldman Sachs Group lifted their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned 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.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Up 1.0 %

Shares of BBY stock opened at $91.59 on Friday. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. 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 company’s fifty day moving average price is $95.97 and its 200-day moving average price is $87.97. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. 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 firm earned $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is presently 64.83%.

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.