Best Buy Co., Inc. (NYSE:BBY) Shares Bought by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 16.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,579 shares of the technology retailer’s stock after purchasing an additional 1,677 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Best Buy were worth $1,196,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Palisade Asset Management LLC bought a new position in Best Buy in the 1st quarter valued at about $27,000. Richardson Financial Services Inc. increased its position in shares of Best Buy by 190.9% during the 2nd 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. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy in the second quarter valued at $35,000. Finally, Whittier Trust Co. boosted its stake in 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 buying an additional 171 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BBY shares. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Loop Capital increased their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reaffirmed 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. DA Davidson reissued a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Trading Down 1.5 %

Shares of NYSE BBY opened at $92.68 on Friday. The business has a 50 day simple moving average of $96.37 and a 200 day simple moving average of $86.68. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The stock has a market cap of $19.99 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46. 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 (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share 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. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.06%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

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.