Tower Bridge Advisors Trims Holdings in Best Buy Co., Inc. (NYSE:BBY)

Tower Bridge Advisors lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,400 shares of the technology retailer’s stock after selling 1,000 shares during the period. Tower Bridge Advisors’ holdings in Best Buy were worth $248,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Richardson Financial Services Inc. grew its holdings 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 worth $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter worth approximately $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $40,000. Whittier Trust Co. boosted its position in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $92.66 on Monday. The company’s 50 day moving average is $95.70 and its 200 day moving average is $88.33. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71. The firm has a market cap of $19.90 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.43 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. Best Buy’s dividend payout ratio is presently 64.83%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. Telsey Advisory Group upped their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Wedbush increased their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, UBS Group increased their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

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.