Cerity Partners LLC Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Cerity Partners LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 31.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 165,627 shares of the technology retailer’s stock after acquiring an additional 40,076 shares during the quarter. Cerity Partners LLC’s holdings in Best Buy were worth $17,109,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Richardson Financial Services Inc. boosted 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. purchased a new stake in shares of Best Buy in the 3rd quarter worth approximately $40,000. Innealta Capital LLC purchased a new stake in Best Buy during the 2nd quarter valued at about $35,000. Whittier Trust Co. increased its stake in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its holdings in Best Buy by 50.8% in the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BBY shares. Wells Fargo & Company increased their price target on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Bank of America lifted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI upped their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Trading Up 3.9 %

Shares of NYSE:BBY opened at $93.03 on Tuesday. The stock has a 50 day moving average of $94.60 and a 200 day moving average of $88.97. The company has a market cap of $19.98 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. Best Buy Co., Inc. has a 12-month low of $68.12 and a 12-month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results 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 business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.04%. Best Buy’s dividend 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.