Atria Investments Inc Cuts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Atria Investments Inc trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,669 shares of the technology retailer’s stock after selling 179 shares during the period. Atria Investments Inc’s holdings in Best Buy were worth $689,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BBY. Richardson Financial Services Inc. raised its stake in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC bought a new stake in Best Buy in the second quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the third quarter valued at about $40,000. Whittier Trust Co. grew its stake in shares of Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $87.00 on Wednesday. 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 company has a market cap of $18.68 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The stock has a fifty day simple moving average of $95.33 and a two-hundred day simple moving average of $88.54. Best Buy Co., Inc. has a 12-month low of $62.92 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (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 period last year, the company posted $1.22 EPS. Best Buy’s revenue was down 3.1% on a year-over-year basis. Research analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders 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 yield of 4.32%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BBY. Evercore ISI increased their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Citigroup cut their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Wells Fargo & Company raised their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Company 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.