Rehmann Capital Advisory Group Sells 374 Shares of Best Buy Co., Inc. (NYSE:BBY)

Rehmann Capital Advisory Group trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,033 shares of the technology retailer’s stock after selling 374 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Best Buy were worth $840,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth about $40,000. LRI Investments LLC increased its holdings in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy in the 2nd quarter valued at approximately $35,000. Finally, Brooklyn Investment Group acquired a new stake in Best Buy in the 3rd quarter worth approximately $44,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $87.10 on Thursday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market cap of $18.70 billion, a P/E ratio of 14.89, a PEG ratio of 2.21 and a beta of 1.44. The company’s 50-day simple moving average is $92.23 and its 200 day simple moving average is $90.21.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 earnings per share. As a group, 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.32%. Best Buy’s payout ratio is presently 64.27%.

Analyst Upgrades and Downgrades

Several brokerages have commented on BBY. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Citigroup dropped their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Barclays raised their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Finally, Truist Financial cut their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Profile

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.