Simmons Bank Lowers Stake in Best Buy Co., Inc. (NYSE:BBY)

Simmons Bank decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 11.8% during the third quarter, Holdings Channel reports. The firm owned 2,410 shares of the technology retailer’s stock after selling 321 shares during the quarter. Simmons Bank’s holdings in Best Buy were worth $249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Richardson Financial Services Inc. lifted its stake in 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 in the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy during the second quarter worth about $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the third quarter valued at approximately $40,000. Whittier Trust Co. grew its holdings in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. UBS Group upped their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group increased their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Shares of BBY stock opened at $91.59 on Friday. The stock has a 50 day simple moving average of $95.97 and a 200-day simple moving average of $87.97. Best Buy Co., Inc. has a 12-month low of $62.92 and a 12-month high of $103.71. The company has a market cap of $19.67 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the company posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 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.