PNC Financial Services Group Inc. Has $3.74 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

PNC Financial Services Group Inc. boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 7.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 36,195 shares of the technology retailer’s stock after buying an additional 2,548 shares during the period. PNC Financial Services Group Inc.’s holdings in Best Buy were worth $3,739,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Best Buy in the 3rd quarter valued at approximately $2,924,000. Fifth Third Wealth Advisors LLC bought a new stake in shares of Best Buy in the third quarter valued at $450,000. Pathstone Holdings LLC raised its stake in shares of Best Buy by 2.7% in the third quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock valued at $3,511,000 after buying an additional 899 shares during the period. Holistic Financial Partners bought a new stake in shares of Best Buy during the 3rd quarter valued at $222,000. Finally, Islay Capital Management LLC bought a new stake in shares of Best Buy during the 3rd quarter valued at $1,278,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 3.5 %

Shares of BBY stock opened at $89.54 on Monday. The stock has a market capitalization of $19.23 billion, a PE ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. Best Buy Co., Inc. has a 1-year low of $67.80 and a 1-year high of $103.71. The business has a 50-day moving average of $94.72 and a 200 day moving average of $88.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 EPS. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given 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 dividend payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Wells Fargo & Company boosted their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, Evercore ISI boosted their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

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.