SteelPeak Wealth LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

SteelPeak Wealth LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,119 shares of the technology retailer’s stock, valued at approximately $951,000.

A number of other large investors have also bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its holdings in shares of Best Buy by 13.9% in the third quarter. First Trust Direct Indexing L.P. now owns 4,271 shares of the technology retailer’s stock worth $441,000 after acquiring an additional 521 shares during the period. Abich Financial Wealth Management LLC boosted its holdings in shares of Best Buy by 959.6% in the third quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock worth $57,000 after acquiring an additional 499 shares during the period. Fortitude Family Office LLC boosted its holdings in shares of Best Buy by 353.7% in the third quarter. Fortitude Family Office LLC now owns 667 shares of the technology retailer’s stock worth $69,000 after acquiring an additional 520 shares during the period. abrdn plc boosted its holdings in shares of Best Buy by 3.1% in the third quarter. abrdn plc now owns 875,537 shares of the technology retailer’s stock worth $90,198,000 after acquiring an additional 26,439 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Best Buy by 0.9% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 134,949 shares of the technology retailer’s stock worth $13,940,000 after acquiring an additional 1,147 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup raised their price target on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wedbush raised their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. The Goldman Sachs Group raised their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Trading Up 0.5 %

Shares of BBY stock opened at $90.41 on Thursday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $96.67 and a two-hundred day moving average price of $86.91. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a market cap of $19.41 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.16%. Best Buy’s dividend 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.