CMG Global Holdings LLC Invests $207,000 in Best Buy Co., Inc. (NYSE:BBY)

CMG Global Holdings LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,000 shares of the technology retailer’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also bought and sold shares of BBY. Richardson Financial Services Inc. boosted its stake in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC purchased a new stake in Best Buy during the 2nd quarter valued at $35,000. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the 3rd quarter worth $40,000. Whittier Trust Co. increased its position 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 valued at $41,000 after acquiring an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC raised 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 valued at $42,000 after acquiring an additional 259 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Loop Capital upped their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. raised their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler reissued an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Up 3.5 %

Best Buy stock opened at $89.56 on Friday. The firm has a market cap of $19.23 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.26 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 Co., Inc. has a 12 month low of $67.80 and a 12 month high of $103.71. The stock has a fifty day simple moving average of $94.72 and a two-hundred day simple moving average of $88.62.

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

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date 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.