Deseret Mutual Benefit Administrators Lowers Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Deseret Mutual Benefit Administrators lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,484 shares of the technology retailer’s stock after selling 189 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Best Buy were worth $463,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the 3rd quarter valued at about $40,000. Whittier Trust Co. lifted its holdings in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after acquiring an additional 259 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BBY shares. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Evercore ISI lifted their price objective 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. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Finally, Wedbush increased their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Price Performance

Shares of NYSE BBY opened at $90.09 on Thursday. The business has a 50-day simple moving average of $97.01 and a two-hundred day simple moving average of $87.45. The company has a market cap of $19.34 billion, a PE ratio of 15.42, a P/E/G ratio of 2.38 and a beta of 1.47. 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 fifty-two week low of $62.30 and a fifty-two week high of $103.71.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.17%. Best Buy’s payout ratio is 64.83%.

About Best Buy

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.