Empowered Funds LLC Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Empowered Funds LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 30.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,894 shares of the technology retailer’s stock after selling 12,910 shares during the period. Empowered Funds LLC’s holdings in Best Buy were worth $2,985,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Acadian Asset Management LLC lifted its holdings in Best Buy by 7,829.2% in the 1st quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer’s stock worth $1,762,000 after buying an additional 21,217 shares in the last quarter. Shell Asset Management Co. boosted its holdings in Best Buy by 26.8% in the first quarter. Shell Asset Management Co. now owns 45,867 shares of the technology retailer’s stock valued at $3,762,000 after purchasing an additional 9,695 shares during the last quarter. LGT Group Foundation grew its stake in Best Buy by 47.8% during the 1st quarter. LGT Group Foundation now owns 6,030 shares of the technology retailer’s stock valued at $495,000 after purchasing an additional 1,950 shares in the last quarter. Stonebridge Capital Advisors LLC purchased a new stake in Best Buy during the 1st quarter worth approximately $255,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Best Buy in the 1st quarter valued at approximately $849,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. Citigroup dropped their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Piper Sandler restated an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Telsey Advisory Group lifted their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Down 3.9 %

Best Buy stock opened at $89.00 on Tuesday. 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 Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The company has a 50-day simple moving average of $95.52 and a 200-day simple moving average of $88.45. The firm has a market capitalization of $19.11 billion, a P/E ratio of 15.34, a P/E/G ratio of 2.43 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.22 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. 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 currently 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.