First Horizon Advisors Inc. Sells 224 Shares of Best Buy Co., Inc. (NYSE:BBY)

First Horizon Advisors Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 15.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,222 shares of the technology retailer’s stock after selling 224 shares during the quarter. First Horizon Advisors Inc.’s holdings in Best Buy were worth $126,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BBY. Richardson Financial Services Inc. grew its position 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 during the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the third quarter worth $40,000. Whittier Trust Co. increased its stake 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 buying an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after buying an additional 259 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 3.5 %

BBY opened at $89.54 on Friday. Best Buy Co., Inc. has a twelve month low of $67.80 and a twelve month high of $103.71. The firm has a market cap of $19.23 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm’s fifty day moving average is $94.72 and its two-hundred day moving average is $88.73.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.20%. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $103.71.

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.