Citigroup Inc. Acquires 12,694 Shares of Best Buy Co., Inc. (NYSE:BBY)

Citigroup Inc. grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 320,816 shares of the technology retailer’s stock after acquiring an additional 12,694 shares during the quarter. Citigroup Inc.’s holdings in Best Buy were worth $33,140,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Park Avenue Securities LLC raised its position in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the period. Greenleaf Trust grew its stake in shares of Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after buying an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC increased its holdings in shares of Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after buying an additional 118 shares during the period. Tobam lifted its stake in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC boosted its holdings in Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BBY has been the subject of several recent research reports. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Telsey Advisory Group increased their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Wedbush boosted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Loop Capital upped their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Stock Up 3.9 %

Shares of Best Buy stock opened at $93.03 on Tuesday. Best Buy Co., Inc. has a 1 year low of $68.12 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a 50-day moving average of $94.60 and a 200 day moving average of $88.97. The firm has a market cap of $19.98 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) 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 firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.04%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is presently 64.83%.

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.