Trust Asset Management LLC Takes $237,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Trust Asset Management LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,294 shares of the technology retailer’s stock, valued at approximately $237,000.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Barclays lifted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. 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 research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Wells Fargo & Company upped their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One equities 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Price Performance

BBY stock traded up $4.27 during midday trading on Monday, reaching $93.81. 967,551 shares of the stock were exchanged, compared to its average volume of 2,994,522. Best Buy Co., Inc. has a 52 week low of $68.12 and a 52 week high of $103.71. The company has a fifty day moving average price of $94.72 and a 200 day moving average price of $88.84. 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 stock has a market capitalization of $20.14 billion, a PE ratio of 15.44, a P/E/G ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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 return on equity of 47.19% and a net margin of 2.96%. 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 prior year, the firm posted $1.22 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. As a group, 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 announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is presently 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.