Fortitude Family Office LLC Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Fortitude Family Office LLC lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 353.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 667 shares of the technology retailer’s stock after buying an additional 520 shares during the period. Fortitude Family Office LLC’s holdings in Best Buy were worth $69,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BBY. GAMMA Investing LLC grew its position in Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of 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 during the period. M&G Plc purchased a new stake in Best Buy during the 1st quarter valued at $8,608,000. Van ECK Associates Corp raised its holdings in Best Buy by 21.9% during the 1st quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock valued at $9,715,000 after buying an additional 21,258 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Best Buy by 119.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,635 shares of the technology retailer’s stock valued at $14,559,000 after buying an additional 100,689 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. UBS Group increased their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. 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 research note on Friday, August 30th. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Finally, DA Davidson restated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. One equities research 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. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Down 1.7 %

Shares of Best Buy stock opened at $89.96 on Wednesday. Best Buy Co., Inc. has a 1 year low of $62.30 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 has a market cap of $19.32 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 2.58 and a beta of 1.46. The firm’s 50-day moving average is $96.61 and its two-hundred day moving average is $86.89.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share. As a group, research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 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.