Sequoia Financial Advisors LLC Acquires Shares of 2,693 Best Buy Co., Inc. (NYSE:BBY)

Sequoia Financial Advisors LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,693 shares of the technology retailer’s stock, valued at approximately $278,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Best Buy by 5.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,984 shares of the technology retailer’s stock worth $7,381,000 after purchasing an additional 4,420 shares in the last quarter. MV Capital Management Inc. boosted its position in shares of Best Buy by 14.5% during the first quarter. MV Capital Management Inc. now owns 1,966 shares of the technology retailer’s stock valued at $161,000 after buying an additional 249 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Best Buy by 0.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,416 shares of the technology retailer’s stock valued at $47,283,000 after buying an additional 2,235 shares during the last quarter. Albion Financial Group UT boosted its position in shares of Best Buy by 15.7% during the first quarter. Albion Financial Group UT now owns 7,975 shares of the technology retailer’s stock valued at $654,000 after buying an additional 1,085 shares during the last quarter. Finally, Norden Group LLC purchased a new stake in shares of Best Buy during the first quarter valued at $1,723,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.2 %

Shares of BBY opened at $91.53 on Tuesday. The company has a market capitalization of $19.74 billion, a PE ratio of 16.03, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The business’s 50 day moving average is $96.50 and its 200 day moving average is $86.80. 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 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. Research analysts expect 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 disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Ratings Changes

BBY has been the topic of several research reports. Evercore ISI raised their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Melius Research initiated coverage on Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. UBS Group raised their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Citigroup raised their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

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.