Healthcare of Ontario Pension Plan Trust Fund Sells 190,000 Shares of Best Buy Co., Inc. (NYSE:BBY)

Healthcare of Ontario Pension Plan Trust Fund reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 63.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,000 shares of the technology retailer’s stock after selling 190,000 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.05% of Best Buy worth $11,363,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BBY. Richardson Financial Services Inc. grew its stake in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the third quarter valued at approximately $40,000. Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% during 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 during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Best Buy by 103.6% during the first 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 during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Down 0.4 %

Shares of NYSE:BBY opened at $88.17 on Friday. Best Buy Co., Inc. has a 12 month low of $68.67 and a 12 month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company’s fifty day simple moving average is $93.96 and its 200 day simple moving average is $89.06. The firm has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. 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 business earned $1.22 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 4.26%. Best Buy’s payout ratio is currently 64.83%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BBY shares. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Loop Capital reduced their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. Truist Financial reduced their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $100.82.

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.