Ascent Group LLC Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

by · The Cerbat Gem

Ascent Group LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,840 shares of the technology retailer’s stock after purchasing an additional 197 shares during the quarter. Ascent Group LLC’s holdings in Best Buy were worth $913,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. boosted its stake 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 worth $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new stake in Best Buy in the 2nd quarter worth approximately $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the 3rd quarter worth approximately $40,000. Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% during 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 during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BBY shares. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Wedbush increased their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group upped 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Read Our Latest Research Report on Best Buy

Best Buy Stock Down 2.2 %

BBY stock opened at $88.97 on Wednesday. The stock has a market capitalization of $19.10 billion, a P/E ratio of 15.21, a PEG ratio of 2.28 and a beta of 1.44. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a 50 day moving average price of $93.47 and a two-hundred day moving average price of $89.61.

Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the company posted $1.29 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.23%. Best Buy’s payout ratio is currently 64.27%.

Best Buy Profile

(Free Report)

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.

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