Berry Wealth Group LP Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Berry Wealth Group LP increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,522 shares of the technology retailer’s stock after purchasing an additional 272 shares during the quarter. Best Buy makes up approximately 1.5% of Berry Wealth Group LP’s portfolio, making the stock its 23rd biggest position. Berry Wealth Group LP’s holdings in Best Buy were worth $2,120,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC lifted its holdings in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after acquiring an additional 103 shares during the period. SeaCrest Wealth Management LLC lifted its stake in shares of Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after purchasing an additional 118 shares during the period. Tobam boosted its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares in the last quarter. Hoxton Planning & Management LLC grew its position in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after buying an additional 124 shares during the period. Finally, LVW Advisors LLC increased its holdings in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after buying an additional 130 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research reports. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Barclays boosted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Citigroup raised their target price on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned 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 $103.71.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.59% of the company’s stock.

Best Buy Trading Down 2.9 %

BBY stock traded down $2.76 during trading on Monday, reaching $93.38. 880,289 shares of the stock traded hands, compared to its average volume of 3,022,556. The firm has a market capitalization of $20.14 billion, a PE ratio of 16.84, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The business’s 50 day moving average price is $95.36 and its 200-day moving average price is $86.26. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.03%. Best Buy’s payout ratio is 65.85%.

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.