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

Kestra Investment Management LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,740 shares of the technology retailer’s stock, valued at approximately $1,419,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC acquired a new stake in Best Buy in the second quarter valued at $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the third quarter valued at $40,000. Whittier Trust Co. raised its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on BBY shares. Loop Capital dropped their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday. Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Finally, Citigroup reduced their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

NYSE:BBY opened at $90.00 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm’s 50 day moving average is $93.81 and its two-hundred day moving average is $89.27. The company has a market cap of $19.33 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.39 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm 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 45.93% and a net margin of 3.01%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.22 earnings per share. Analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

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.