62,429 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Moran Wealth Management LLC

Moran Wealth Management LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, HoldingsChannel reports. The fund bought 62,429 shares of the technology retailer’s stock, valued at approximately $6,449,000.

Other institutional investors have also bought and sold shares of the company. Richardson Financial Services Inc. increased its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new stake in Best Buy in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the 3rd quarter worth $40,000. Whittier Trust Co. increased its holdings 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 worth $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased 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 worth $42,000 after purchasing an additional 259 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.3 %

Shares of NYSE BBY opened at $86.77 on Thursday. 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 has a market capitalization of $18.63 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 2.43 and a beta of 1.47. The stock has a 50 day moving average price of $95.11 and a 200 day moving average price of $88.53. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71.

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 analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 earnings per share. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share 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 dividend on an annualized basis and a yield of 4.33%. Best Buy’s dividend payout ratio is currently 64.83%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Citigroup reduced their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Bank of America boosted their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

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.