Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 585,019 shares of the technology retailer’s stock after selling 164,850 shares during the period. Victory Capital Management Inc.’s holdings in Best Buy were worth $60,432,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BBY. Richardson Financial Services Inc. grew its stake in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Innealta Capital LLC bought a new position in Best Buy in the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the 3rd quarter valued at about $40,000. Whittier Trust Co. raised its position 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 in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake 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 acquiring an additional 259 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of BBY stock opened at $91.59 on Friday. The stock’s fifty day simple moving average is $95.97 and its 200-day simple moving average is $87.97. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 2.36 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. Best Buy Co., Inc. has a 1-year low of $62.92 and a 1-year high of $103.71.

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 company 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 firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.11%. Best Buy’s payout ratio is 64.83%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research analyst reports. Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Citigroup lowered their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.35.

Best Buy 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.