Moran Wealth Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Moran Wealth Management LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 62,429 shares of the technology retailer’s stock, valued at approximately $6,449,000.

A number of other institutional investors have also recently modified their holdings of BBY. Ontario Teachers Pension Plan Board bought a new stake in shares of Best Buy during the 3rd quarter worth $358,000. Thompson Davis & CO. Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth $222,000. PNC Financial Services Group Inc. lifted its position in shares of Best Buy by 7.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer’s stock worth $3,739,000 after buying an additional 2,548 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Best Buy in the third quarter valued at about $2,924,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in Best Buy in the third quarter valued at about $450,000. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BBY shares. DA Davidson reissued a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Citigroup decreased their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Telsey Advisory Group raised their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Best Buy stock opened at $86.77 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 company has a market capitalization of $18.63 billion, a P/E ratio of 14.96, a PEG ratio of 2.43 and a beta of 1.47. The stock’s 50 day moving average is $95.11 and its 200 day moving average is $88.53. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders 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 dividend yield of 4.33%. Best Buy’s payout ratio is 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.