Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Increased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 34,249 shares of the technology retailer’s stock after purchasing an additional 2,888 shares during the quarter. CIBC Asset Management Inc’s holdings in Best Buy were worth $3,538,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Richardson Financial Services Inc. raised its holdings in Best Buy by 190.9% during 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 during the period. Innealta Capital LLC acquired a new stake in shares of Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the 3rd quarter valued at approximately $40,000. Whittier Trust Co. boosted its stake in Best Buy by 53.3% in the 2nd 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 period. Finally, EverSource Wealth Advisors LLC raised its stake in Best Buy by 103.6% during the 1st 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 during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

NYSE BBY opened at $89.00 on Tuesday. The firm has a market cap of $19.11 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 1-year low of $62.92 and a 1-year high of $103.71. The company has a 50 day moving average of $95.52 and a 200-day moving average of $88.45. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business 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. This represents a $3.76 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Evercore ISI upped their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday. Finally, Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.