Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.1% in the 3rd quarter, Holdings Channel reports. The firm owned 2,860 shares of the technology retailer’s stock after selling 960 shares during the quarter. Independent Advisor Alliance’s holdings in Best Buy were worth $295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Richardson Financial Services Inc. grew its holdings 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 valued at $27,000 after purchasing an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the 3rd quarter valued at approximately $40,000. Innealta Capital LLC bought a new position in Best Buy during the 2nd quarter worth $35,000. Whittier Trust Co. increased its position in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the period. Finally, Benjamin Edwards Inc. lifted its stake in Best Buy by 50.8% in the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after buying an additional 166 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $88.17 on Friday. The firm’s 50-day moving average is $93.96 and its 200-day moving average is $89.06. The company has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. 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 Co., Inc. has a 52-week low of $68.67 and a 52-week 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 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 firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.83%.

Wall Street Analyst Weigh In

Several research firms have recently commented on BBY. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Loop Capital reduced their price target on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Citigroup decreased their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $100.82.

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.