Raymond James Trust N.A. Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Raymond James Trust N.A. grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,316 shares of the technology retailer’s stock after purchasing an additional 2,680 shares during the quarter. Raymond James Trust N.A.’s holdings in Best Buy were worth $4,681,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% in 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 last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy during the third quarter valued at approximately $40,000. Innealta Capital LLC purchased a new position in shares of Best Buy in the second quarter valued at approximately $35,000. Whittier Trust Co. boosted its stake in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the last quarter. Finally, Benjamin Edwards Inc. increased its position in shares of Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $89.56 on Friday. The stock has a fifty day simple moving average of $94.72 and a 200-day simple moving average of $88.62. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a market cap of $19.23 billion, a PE ratio of 15.44, a P/E/G ratio of 2.28 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $67.80 and a twelve month high of $103.71.

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, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during 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%. Best Buy’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 earnings per share. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.20%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research reports. Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Evercore ISI raised their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. Telsey Advisory Group upped their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Bank of America raised their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.