Alerus Financial NA Sells 1,087 Shares of Best Buy Co., Inc. (NYSE:BBY)

Alerus Financial NA trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,621 shares of the technology retailer’s stock after selling 1,087 shares during the period. Best Buy accounts for 0.7% of Alerus Financial NA’s portfolio, making the stock its 28th largest holding. Alerus Financial NA’s holdings in Best Buy were worth $9,464,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Richardson Financial Services Inc. boosted its stake in 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 buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the second quarter valued at $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the third quarter valued at $40,000. 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 purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 2.1 %

Shares of NYSE BBY opened at $90.00 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market capitalization of $19.33 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 2.39 and a beta of 1.47. The stock has a 50 day moving average price of $93.81 and a 200 day moving average price of $89.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders 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 yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BBY shares. The Goldman Sachs Group boosted their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. UBS Group decreased their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday. Wells Fargo & Company lowered their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Melius Research assumed coverage on Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $101.06.

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.