AM Squared Ltd Sells 600 Shares of Best Buy Co., Inc. (NYSE:BBY)

AM Squared Ltd reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 37.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,000 shares of the technology retailer’s stock after selling 600 shares during the period. AM Squared Ltd’s holdings in Best Buy were worth $103,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. QRG Capital Management Inc. grew its stake in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares during the period. 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 the stock. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday. Melius Research assumed coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. The Goldman Sachs Group upped their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company upped their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, Truist Financial increased their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Trading Up 1.2 %

NYSE BBY opened at $92.66 on Friday. The company has a fifty day simple moving average of $95.70 and a two-hundred day simple moving average of $88.22. The stock has a market cap of $19.90 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 12-month low of $62.92 and a 12-month high of $103.71. 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 (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.22 earnings per share. On average, analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued 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 dividend yield of 4.06%. Best Buy’s dividend payout ratio is currently 64.83%.

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.