Janney Montgomery Scott LLC Decreases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Janney Montgomery Scott LLC lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 73.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,396 shares of the technology retailer’s stock after selling 28,658 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $1,074,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in 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 in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares in the last quarter. M&G Plc purchased a new stake in shares of Best Buy during the 1st quarter valued at about $8,608,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Best Buy by 10.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer’s stock valued at $8,410,000 after buying an additional 9,785 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent research reports. UBS Group upped their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Truist Financial upped 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. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wells Fargo & Company increased their price objective 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, The Goldman Sachs Group increased their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Trading Up 1.2 %

NYSE:BBY opened at $92.66 on Friday. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The firm has a 50 day moving average of $95.81 and a 200 day moving average of $88.00. 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 stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 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 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%.

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.