Independent Advisor Alliance Trims Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Independent Advisor Alliance lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,860 shares of the technology retailer’s stock after selling 960 shares during the quarter. Independent Advisor Alliance’s holdings in Best Buy were worth $295,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Richardson Financial Services Inc. lifted its stake 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 acquiring an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the 3rd quarter worth approximately $40,000. Whittier Trust Co. lifted its holdings in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after buying an additional 259 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BBY shares. Citigroup reduced their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Evercore ISI increased their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $88.17 on Friday. The company has a market cap of $18.93 billion, a P/E ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. Best Buy Co., Inc. has a one year low of $68.67 and a one year high of $103.71. The business’s 50-day simple moving average is $93.96 and its 200 day simple moving average is $89.06. 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 (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.26%. Best Buy’s dividend payout ratio is presently 64.83%.

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.