Versor Investments LP Buys Shares of 12,295 Best Buy Co., Inc. (NYSE:BBY)

Versor Investments LP bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 12,295 shares of the technology retailer’s stock, valued at approximately $1,270,000.

Other large investors also recently bought and sold shares of the company. Park Avenue Securities LLC boosted its stake in shares of Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after acquiring an additional 103 shares during the last quarter. Greenleaf Trust boosted its stake in shares of Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC boosted its stake in shares of Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares during the last quarter. Tobam boosted its stake in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC boosted its stake in shares of Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the topic of a number of analyst reports. Wells Fargo & Company increased 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. Telsey Advisory Group increased their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Truist Financial increased their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. increased their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Wedbush increased their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Stock Performance

Best Buy stock opened at $89.30 on Tuesday. The stock’s 50-day moving average is $96.59 and its 200-day moving average is $87.75. The company has a market cap of $19.18 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 2.33 and a beta of 1.47. 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 $62.92 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’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 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.21%. Best Buy’s payout ratio is currently 64.83%.

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.