Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Greystone Financial Group LLC

Greystone Financial Group LLC grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 48.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,277 shares of the technology retailer’s stock after purchasing an additional 23,306 shares during the quarter. Greystone Financial Group LLC’s holdings in Best Buy were worth $7,363,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. AMF Tjanstepension AB acquired a new stake in shares of Best Buy in the first quarter valued at about $8,676,000. GAMMA Investing LLC grew its position in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the period. M&G Plc acquired a new position in Best Buy during the first quarter worth about $8,608,000. Finally, Van ECK Associates Corp boosted its position in Best Buy by 21.9% during the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock worth $9,715,000 after acquiring an additional 21,258 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent research reports. The Goldman Sachs Group boosted their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. UBS Group boosted their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company boosted their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Price Performance

Best Buy stock opened at $93.35 on Thursday. The company’s 50 day simple moving average is $96.02 and its 200-day simple moving average is $86.51. The company has a market capitalization of $20.14 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 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 released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm earned $1.22 EPS. The business’s revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts expect 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 paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.03%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is currently 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.