Caprock Group LLC Lowers Position in Best Buy Co., Inc. (NYSE:BBY)

Caprock Group LLC decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,596 shares of the technology retailer’s stock after selling 1,242 shares during the period. Caprock Group LLC’s holdings in Best Buy were worth $2,460,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. QRG Capital Management Inc. boosted its holdings in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 2.2 %

NYSE:BBY opened at $87.00 on Wednesday. The company has a market cap of $18.68 billion, a P/E ratio of 15.00, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. 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’s fifty day moving average price is $95.33 and its two-hundred day moving average price is $88.54.

Best Buy (NYSE:BBY) last issued 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. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the company earned $1.22 EPS. 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 year.

Best Buy Announces Dividend

The company 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. This represents a $3.76 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BBY. The Goldman Sachs Group boosted their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Truist Financial boosted their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. Wells Fargo & Company raised their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $103.35.

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.