73,700 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Erste Asset Management GmbH

Erste Asset Management GmbH bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 73,700 shares of the technology retailer’s stock, valued at approximately $7,537,000.

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

Best Buy Stock Up 2.1 %

Shares of BBY opened at $90.00 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market cap of $19.33 billion, a P/E ratio of 15.38, a PEG ratio of 2.39 and a beta of 1.47. The stock’s 50 day moving average is $93.81 and its two-hundred day moving average is $89.38. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BBY. Bank of America lifted their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Evercore ISI upped their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Telsey Advisory Group dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. Finally, DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $101.06.

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.