Commonwealth Retirement Investments LLC Has $2.78 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Commonwealth Retirement Investments LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,910 shares of the technology retailer’s stock after selling 442 shares during the period. Best Buy makes up about 1.2% of Commonwealth Retirement Investments LLC’s holdings, making the stock its 25th biggest position. Commonwealth Retirement Investments LLC’s holdings in Best Buy were worth $2,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BBY. Bleakley Financial Group LLC raised its position in Best Buy by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock valued at $494,000 after buying an additional 311 shares during the period. William Allan Corp boosted its stake in Best Buy by 1.0% during the 1st quarter. William Allan Corp now owns 26,549 shares of the technology retailer’s stock valued at $2,178,000 after purchasing an additional 261 shares during the period. Pettyjohn Wood & White Inc. boosted its stake in Best Buy by 4.0% during the 1st quarter. Pettyjohn Wood & White Inc. now owns 5,800 shares of the technology retailer’s stock valued at $476,000 after purchasing an additional 225 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in Best Buy by 11.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 263,849 shares of the technology retailer’s stock valued at $20,651,000 after purchasing an additional 27,936 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Best Buy by 9.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 372,405 shares of the technology retailer’s stock valued at $30,535,000 after acquiring an additional 32,546 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BBY shares. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Telsey Advisory Group lifted their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Stock Up 0.4 %

Shares of Best Buy stock traded up $0.35 during trading on Tuesday, reaching $89.64. The stock had a trading volume of 517,893 shares, compared to its average volume of 2,978,804. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The company has a market capitalization of $19.25 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 2.33 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. The stock has a fifty day moving average price of $96.37 and a two-hundred day moving average price of $87.84.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. Best Buy’s revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS 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 issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.19%. Best Buy’s payout ratio is presently 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.