CMG Global Holdings LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

CMG Global Holdings LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBYFree Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,000 shares of the technology retailer’s stock, valued at approximately $207,000.

A number of other institutional investors also recently bought and sold shares of BBY. Cerity Partners LLC grew its stake in shares of Best Buy by 31.9% during the 3rd quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer’s stock valued at $17,109,000 after acquiring an additional 40,076 shares during the period. Keyes Stange & Wooten Wealth Management LLC boosted its position in shares of Best Buy by 2.7% in the third quarter. Keyes Stange & Wooten Wealth Management LLC now owns 6,924 shares of the technology retailer’s stock worth $715,000 after purchasing an additional 183 shares during the period. GenTrust LLC purchased a new stake in shares of Best Buy in the third quarter worth $311,000. Nwam LLC lifted its stake in shares of Best Buy by 2.5% during the 3rd quarter. Nwam LLC now owns 41,278 shares of the technology retailer’s stock valued at $4,264,000 after buying an additional 1,025 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Best Buy by 4.1% in the 3rd quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock worth $33,140,000 after buying an additional 12,694 shares during the period. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company lifted their price target on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. UBS Group increased their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

View Our Latest Analysis on Best Buy

Best Buy Price Performance

Best Buy stock opened at $89.56 on Friday. The stock has a market cap of $19.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. The firm has a 50-day moving average of $94.72 and a two-hundred day moving average of $88.62. Best Buy Co., Inc. has a 1 year low of $67.80 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBYGet Free Report) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the business posted $1.22 EPS. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid 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 dividend yield of 4.20%. Best Buy’s dividend payout ratio is presently 64.83%.

Best Buy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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