Graypoint LLC Has $947,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Graypoint LLC boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 33.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,171 shares of the technology retailer’s stock after buying an additional 2,294 shares during the quarter. Graypoint LLC’s holdings in Best Buy were worth $947,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BBY. Park Avenue Securities LLC increased its holdings in Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Greenleaf Trust increased its holdings in Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after purchasing an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC increased its holdings in Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after purchasing an additional 118 shares in the last quarter. Tobam increased its holdings in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC increased its holdings in Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BBY. Loop Capital raised their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Telsey Advisory Group raised their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Evercore ISI raised their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Up 0.8 %

Shares of BBY stock opened at $90.11 on Friday. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a 50 day moving average price of $97.01 and a two-hundred day moving average price of $87.45. The company has a market capitalization of $19.35 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

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

Best Buy Announces Dividend

The firm also recently announced 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 of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.17%. Best Buy’s dividend payout ratio is presently 64.83%.

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.