Cigna Investments Inc. New Invests $223,000 in Best Buy Co., Inc. (NYSE:BBY)

Cigna Investments Inc. New bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,163 shares of the technology retailer’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates grew its holdings in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd purchased a new stake in Best Buy in the 2nd quarter worth $121,325,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE:BBY opened at $90.92 on Friday. Best Buy Co., Inc. has a one year low of $62.30 and a one 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. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 2.37 and a beta of 1.46. The firm’s fifty day moving average is $96.82 and its two-hundred day moving average is $87.04.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. Research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.14%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Analysts Set New Price Targets

Several equities analysts have weighed in on BBY shares. Bank of America raised their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Friday. Melius Research started coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Truist Financial boosted their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

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.