Principal Street Partners LLC Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Principal Street Partners LLC trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 23.5% during the third quarter, Holdings Channel.com reports. The firm owned 64,313 shares of the technology retailer’s stock after selling 19,763 shares during the period. Best Buy accounts for about 1.1% of Principal Street Partners LLC’s holdings, making the stock its 21st largest holding. Principal Street Partners LLC’s holdings in Best Buy were worth $6,638,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BBY. Avestar Capital LLC purchased a new position in shares of Best Buy during the 3rd quarter worth $222,000. Brooklyn Investment Group purchased a new stake in shares of Best Buy in the third quarter valued at $44,000. Quantbot Technologies LP acquired a new position in Best Buy in the third quarter valued at $1,550,000. The Manufacturers Life Insurance Company lifted its position in Best Buy by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock worth $15,803,000 after buying an additional 7,430 shares during the period. Finally, Trust Asset Management LLC acquired a new stake in Best Buy in the 3rd quarter worth about $237,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $85.61 on Tuesday. The business’s 50-day simple moving average is $94.60 and its 200 day simple moving average is $88.97. The company has a market cap of $18.38 billion, a P/E ratio of 16.04, a PEG ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a one year low of $68.12 and a one year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.22 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.39%. Best Buy’s payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wedbush upped their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler restated an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.