Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Rehmann Capital Advisory Group

by · The Markets Daily

Rehmann Capital Advisory Group reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 4.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,033 shares of the technology retailer’s stock after selling 374 shares during the period. Rehmann Capital Advisory Group’s holdings in Best Buy were worth $840,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC raised its holdings in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust increased its position in shares of Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after purchasing an additional 108 shares during the period. SeaCrest Wealth Management LLC raised its stake in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after buying an additional 118 shares in the last quarter. Tobam lifted its holdings in shares of Best Buy by 15.6% in the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC boosted its stake in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after buying an additional 124 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Up 0.4 %

NYSE:BBY opened at $87.10 on Thursday. The stock’s 50-day moving average is $92.23 and its two-hundred day moving average is $90.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market cap of $18.70 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

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

Best Buy Announces Dividend

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 issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.32%. Best Buy’s dividend payout ratio is 64.27%.

Analysts Set New Price Targets

Several brokerages have commented on BBY. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Guggenheim reduced their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Citigroup dropped their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Finally, Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Check Out Our Latest Report on Best Buy

Best Buy Company 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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