Creative Planning Sells 357 Shares of Best Buy Co., Inc. (NYSE:BBY)

Creative Planning reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 0.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 67,581 shares of the technology retailer’s stock after selling 357 shares during the period. Creative Planning’s holdings in Best Buy were worth $6,981,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Park Avenue Securities LLC lifted its position in shares of Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares during the last quarter. Tobam lifted its holdings in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the last quarter. Hoxton Planning & Management LLC boosted its position in Best Buy by 3.7% during the third 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 during the period. LVW Advisors LLC increased its holdings in shares of Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares during the last quarter. Finally, MCF Advisors LLC raised its position in shares of Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the period. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wedbush boosted their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Bank of America lifted their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Barclays upped their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. One 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Stock Performance

NYSE BBY opened at $93.35 on Thursday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The firm has a market capitalization of $20.14 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm’s 50 day simple moving average is $96.02 and its 200 day simple moving average is $86.51.

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. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the business posted $1.22 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.03%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

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.