Ascent Group LLC Has $913,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Ascent Group LLC boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,840 shares of the technology retailer’s stock after buying an additional 197 shares during the period. Ascent Group LLC’s holdings in Best Buy were worth $913,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BBY. Richardson Financial Services Inc. grew its position in 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 in the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy in the second quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the third quarter worth $40,000. Whittier Trust Co. boosted its position in 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 Best Buy by 103.6% in 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 in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE BBY opened at $88.97 on Wednesday. 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 $19.10 billion, a P/E ratio of 15.21, a PEG ratio of 2.28 and a beta of 1.44. The company’s 50-day simple moving average is $93.47 and its 200 day simple moving average is $89.61.

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 Dividend Announcement

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 paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.23%. Best Buy’s dividend payout ratio is currently 64.27%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BBY. JPMorgan Chase & Co. boosted their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Wedbush boosted 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. Finally, Bank of America lifted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Company 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.