Principal Street Partners LLC Trims Holdings in Best Buy Co., Inc. (NYSE:BBY)

Principal Street Partners LLC lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 23.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,313 shares of the technology retailer’s stock after selling 19,763 shares during the period. Best Buy accounts for 1.1% of Principal Street Partners LLC’s investment portfolio, making the stock its 21st largest holding. Principal Street Partners LLC’s holdings in Best Buy were worth $6,638,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. 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 worth $27,000 after buying an additional 210 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the 3rd quarter valued at approximately $40,000. Innealta Capital LLC acquired a new stake in Best Buy during the 2nd quarter worth approximately $35,000. Brooklyn Investment Group purchased a new position in shares of Best Buy in the 3rd quarter valued at approximately $44,000. Finally, Whittier Trust Co. increased its holdings 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 purchasing an additional 171 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Down 8.0 %

Shares of BBY stock opened at $85.61 on Tuesday. The stock has a market cap of $18.38 billion, a P/E ratio of 16.04, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a fifty-two week low of $68.12 and a fifty-two week high of $103.71. The business has a fifty day simple moving average of $94.60 and a 200-day simple moving average of $88.97.

Best Buy (NYSE:BBY) last posted its earnings results 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal 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 paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BBY shares. Barclays lifted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Truist Financial boosted their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.