First National Bank of Mount Dora Trust Investment Services Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

First National Bank of Mount Dora Trust Investment Services decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 5.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,069 shares of the technology retailer’s stock after selling 265 shares during the quarter. First National Bank of Mount Dora Trust Investment Services’ holdings in Best Buy were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the period. Asset Management One Co. Ltd. lifted its position in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares during the period. National Pension Service lifted its position in Best Buy by 18.1% during the third quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock valued at $41,062,000 after buying an additional 60,880 shares during the period. Wetzel Investment Advisors Inc. lifted its position in Best Buy by 12.3% during the third quarter. Wetzel Investment Advisors Inc. now owns 3,370 shares of the technology retailer’s stock valued at $351,000 after buying an additional 369 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in Best Buy by 15.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 451,609 shares of the technology retailer’s stock valued at $46,651,000 after buying an additional 59,883 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBY. Melius Research began coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. UBS Group raised their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wedbush raised their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday. One research 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Stock Up 3.2 %

Shares of NYSE BBY traded up $2.92 during mid-day trading on Monday, reaching $93.82. 552,852 shares of the company were exchanged, compared to its average volume of 2,980,795. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The firm has a 50-day moving average of $96.82 and a 200 day moving average of $87.20. The stock has a market cap of $20.15 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 2.37 and a beta of 1.48. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company 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 firm’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.01%. 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.