Public Sector Pension Investment Board Acquires 300 Shares of Best Buy Co., Inc. (NYSE:BBY)

Public Sector Pension Investment Board boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,420 shares of the technology retailer’s stock after buying an additional 300 shares during the period. Public Sector Pension Investment Board’s holdings in Best Buy were worth $766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. Cetera Advisors LLC bought a new stake in shares of Best Buy during the 1st quarter valued at $831,000. Park Avenue Securities LLC increased its position in shares of Best Buy by 18.1% during the second quarter. Park Avenue Securities LLC now owns 8,178 shares of the technology retailer’s stock valued at $689,000 after buying an additional 1,251 shares during the period. CWM LLC lifted its holdings in shares of Best Buy by 174.4% in the second quarter. CWM LLC now owns 9,487 shares of the technology retailer’s stock worth $800,000 after buying an additional 6,030 shares in the last quarter. Czech National Bank boosted its position in shares of Best Buy by 8.8% in the second quarter. Czech National Bank now owns 36,692 shares of the technology retailer’s stock valued at $3,093,000 after acquiring an additional 2,962 shares during the period. Finally, Dynamic Advisor Solutions LLC grew its stake in Best Buy by 5.8% during the second quarter. Dynamic Advisor Solutions LLC now owns 3,847 shares of the technology retailer’s stock valued at $324,000 after acquiring an additional 211 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BBY. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. JPMorgan Chase & Co. increased their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. DA Davidson restated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Wedbush upped their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, 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 research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Down 1.8 %

BBY opened at $88.17 on Friday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $92.84 and its 200-day moving average price is $89.84. The company has a market cap of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.27 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $1.29 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given 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 4.26%. Best Buy’s payout ratio is currently 64.27%.

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.