Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 5.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,186 shares of the technology retailer’s stock after selling 846 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Best Buy were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BBY. Richardson Financial Services Inc. raised its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the first quarter valued at about $27,000. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares in the last quarter. Innealta Capital LLC acquired a new stake in Best Buy in the second quarter worth about $35,000. Finally, Whittier Trust Co. grew its position in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $90.41 on Thursday. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $19.41 billion, a P/E ratio of 15.59, a PEG ratio of 2.58 and a beta of 1.46. The stock has a fifty day moving average of $96.67 and a 200-day moving average of $86.91.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during 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 business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.22 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS 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 4.16%. Best Buy’s payout ratio is 64.83%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Citigroup increased their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Truist Financial boosted their price objective on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Wells Fargo & Company raised their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Telsey Advisory Group boosted their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price 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.