Huntington National Bank Acquires 379 Shares of Best Buy Co., Inc. (NYSE:BBY)

Huntington National Bank grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 22.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,102 shares of the technology retailer’s stock after acquiring an additional 379 shares during the period. Huntington National Bank’s holdings in Best Buy were worth $217,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Acadian Asset Management LLC grew its stake in Best Buy by 7,829.2% in the first quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer’s stock valued at $1,762,000 after purchasing an additional 21,217 shares during the last quarter. Arjuna Capital raised its stake in shares of Best Buy by 5.4% during the 1st quarter. Arjuna Capital now owns 22,439 shares of the technology retailer’s stock worth $1,841,000 after acquiring an additional 1,144 shares in the last quarter. Shell Asset Management Co. lifted its position in Best Buy by 26.8% during the first quarter. Shell Asset Management Co. now owns 45,867 shares of the technology retailer’s stock valued at $3,762,000 after acquiring an additional 9,695 shares during the last quarter. LGT Group Foundation lifted its position in Best Buy by 47.8% during the first quarter. LGT Group Foundation now owns 6,030 shares of the technology retailer’s stock valued at $495,000 after acquiring an additional 1,950 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC acquired a new stake in Best Buy in the first quarter valued at approximately $255,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Finally, Telsey Advisory Group boosted their target price 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 equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Price Performance

Shares of Best Buy stock opened at $92.66 on Monday. The firm has a market cap of $19.90 billion, a PE ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve 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 business has a 50-day moving average price of $95.70 and a 200 day moving average price of $88.33.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The business 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 quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.22 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.06%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

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.