Phillips Wealth Planners LLC Acquires 432 Shares of Best Buy Co., Inc. (NYSE:BBY)

Phillips Wealth Planners LLC boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 10.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,463 shares of the technology retailer’s stock after acquiring an additional 432 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Best Buy were worth $440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Ninety One UK Ltd bought a new position in shares of Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans raised its position in shares of Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares during the period. Bank of New York Mellon Corp raised its position in shares of Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the period. Swedbank AB bought a new position in Best Buy during the first quarter worth $43,522,000. Finally, AQR Capital Management LLC increased its position in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 0.5 %

Shares of NYSE:BBY opened at $90.92 on Friday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company’s 50-day moving average price is $96.82 and its two-hundred day moving average price is $87.04. 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 firm has a market cap of $19.52 billion, a P/E ratio of 15.68, a P/E/G ratio of 2.37 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company posted $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 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 4.14%. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Analyst Ratings Changes

A number of brokerages recently issued reports on BBY. Citigroup boosted their target price on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Truist Financial boosted their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $103.71.

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.