Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Pitcairn Co.

Pitcairn Co. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 40.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,844 shares of the technology retailer’s stock after selling 15,347 shares during the period. Pitcairn Co.’s holdings in Best Buy were worth $2,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Richardson Financial Services Inc. raised its stake in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC purchased a new stake in shares of Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the third quarter valued at approximately $40,000. Whittier Trust Co. raised its stake in shares of Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBY has been the topic of a number of analyst reports. Bank of America lifted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Citigroup dropped their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Wedbush lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Performance

Best Buy stock opened at $89.54 on Friday. The company has a market cap of $19.23 billion, a PE ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. The company has a fifty day moving average price of $94.72 and a two-hundred day moving average price of $88.73. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy Co., Inc. has a 12 month low of $67.80 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly 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. 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 the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company 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. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 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.