Greenwood Capital Associates LLC Purchases Shares of 7,905 Best Buy Co., Inc. (NYSE:BBY)

Greenwood Capital Associates LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,905 shares of the technology retailer’s stock, valued at approximately $817,000.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC raised its position in Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised 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 acquiring an additional 7,663 shares in the last quarter. M&G Plc purchased a new position in Best Buy in the first quarter worth approximately $8,608,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Best Buy by 13.3% during the 3rd 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. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Best Buy by 10.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer’s stock valued at $8,410,000 after purchasing an additional 9,785 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BBY has been the subject of a number of analyst reports. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Loop Capital upped their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. 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. UBS Group boosted their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

Shares of BBY opened at $92.84 on Wednesday. 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 Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The firm has a 50-day simple moving average of $96.98 and a 200-day simple moving average of $87.43. The company has a market capitalization of $19.94 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 2.38 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.22 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given 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 yield of 4.05%. Best Buy’s payout ratio is currently 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.