Fortitude Family Office LLC Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Fortitude Family Office LLC lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 353.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 667 shares of the technology retailer’s stock after acquiring an additional 520 shares during the quarter. Fortitude Family Office LLC’s holdings in Best Buy were worth $69,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Palisade Asset Management LLC bought a new stake in Best Buy in the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. grew its holdings in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the period. PrairieView Partners LLC increased its position in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the last quarter. Innealta Capital LLC bought a new position in Best Buy in the second quarter valued at about $35,000. Finally, Whittier Trust Co. boosted 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. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the subject of several research reports. Barclays upped their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Monday, October 21st. Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Loop Capital upped their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Down 1.7 %

Shares of BBY opened at $89.96 on Wednesday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a 50 day simple moving average of $96.61 and a two-hundred day simple moving average of $86.89. 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 firm has a market cap of $19.32 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced 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. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 EPS. On average, equities analysts expect 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 declared 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 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Best Buy 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.