Northwest & Ethical Investments L.P. Acquires 603 Shares of Best Buy Co., Inc. (NYSE:BBY)

Northwest & Ethical Investments L.P. grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,260 shares of the technology retailer’s stock after acquiring an additional 603 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Best Buy were worth $3,023,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BBY. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC bought a new position in Best Buy in the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter worth $40,000. Whittier Trust Co. lifted its position in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 259 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $90.05 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market cap of $19.34 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00. The business has a fifty day moving average of $93.81 and a 200-day moving average of $89.17.

Best Buy (NYSE:BBY) last announced 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 firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the company earned $1.22 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.19 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. Best Buy’s payout ratio is 64.27%.

Analysts Set New Price Targets

Several research analysts recently commented on BBY shares. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Citigroup reduced their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company cut their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

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.