My Legacy Advisors LLC Lowers Holdings in Best Buy Co., Inc. (NYSE:BBY)

My Legacy Advisors LLC reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,520 shares of the technology retailer’s stock after selling 116 shares during the quarter. My Legacy Advisors LLC’s holdings in Best Buy were worth $260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Signaturefd LLC lifted its position in shares of Best Buy by 14.4% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology retailer’s stock worth $249,000 after purchasing an additional 303 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Best Buy during the third quarter worth $278,000. Foundations Investment Advisors LLC lifted its holdings in Best Buy by 3.6% during the third quarter. Foundations Investment Advisors LLC now owns 6,758 shares of the technology retailer’s stock worth $698,000 after buying an additional 237 shares during the period. Waterway Wealth Management LLC boosted its position in Best Buy by 4.7% during the 3rd quarter. Waterway Wealth Management LLC now owns 6,116 shares of the technology retailer’s stock valued at $632,000 after acquiring an additional 276 shares in the last quarter. Finally, Berry Wealth Group LP raised its position in shares of Best Buy by 1.3% in the 3rd quarter. Berry Wealth Group LP now owns 20,522 shares of the technology retailer’s stock worth $2,120,000 after acquiring an additional 272 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $93.78 on Wednesday. The firm’s fifty day moving average is $95.81 and its two-hundred day moving average is $86.46. The firm has a market cap of $20.23 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. 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 business earned $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed 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 yield of 4.01%. Best Buy’s payout ratio is 65.85%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent research reports. Citigroup raised their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Finally, Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. One equities research 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. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

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.