Graypoint LLC Purchases 2,294 Shares of Best Buy Co., Inc. (NYSE:BBY)

Graypoint LLC boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 33.4% during the third quarter, HoldingsChannel.com reports. The fund owned 9,171 shares of the technology retailer’s stock after buying an additional 2,294 shares during the quarter. Graypoint LLC’s holdings in Best Buy were worth $947,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BBY. Richardson Financial Services Inc. increased its stake in Best Buy by 190.9% in the second 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 bought a new stake in shares of Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the third quarter worth $40,000. Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $90.11 on Friday. The firm’s 50-day moving average price is $97.01 and its 200-day moving average price is $87.45. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market capitalization of $19.35 billion, a P/E ratio of 15.54, a P/E/G ratio of 2.43 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for 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%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 earnings per share. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BBY. Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Telsey Advisory Group lifted their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, The Goldman Sachs Group boosted their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One research 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.