GenTrust LLC Takes $311,000 Position in Best Buy Co., Inc. (NYSE:BBY)

GenTrust LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 2,984 shares of the technology retailer’s stock, valued at approximately $311,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Nwam LLC raised its stake in shares of Best Buy by 2.5% during the third quarter. Nwam LLC now owns 41,278 shares of the technology retailer’s stock valued at $4,264,000 after purchasing an additional 1,025 shares during the period. Citigroup Inc. grew its holdings in Best Buy by 4.1% during the 3rd quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock valued at $33,140,000 after purchasing an additional 12,694 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in Best Buy by 6.3% in the 3rd quarter. Raymond James Trust N.A. now owns 45,316 shares of the technology retailer’s stock worth $4,681,000 after buying an additional 2,680 shares in the last quarter. Eagle Asset Management Inc. boosted its position in Best Buy by 3.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after buying an additional 44,693 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 3.5 %

Shares of NYSE BBY opened at $89.56 on Friday. Best Buy Co., Inc. has a 12-month low of $67.80 and a 12-month high of $103.71. The company has a market cap of $19.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock’s 50 day simple moving average is $94.72 and its 200 day simple moving average is $88.62.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for 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 quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. Equities research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. Best Buy’s payout ratio is currently 64.83%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group raised their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. 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 increased their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $103.71.

About Best Buy

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.