M&G Plc Raises Position in Best Buy Co., Inc. (NYSE:BBY)

M&G Plc boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 133,168 shares of the technology retailer’s stock after purchasing an additional 7,192 shares during the period. M&G Plc’s holdings in Best Buy were worth $13,716,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy during the third quarter valued at approximately $40,000. Innealta Capital LLC bought a new position in shares of Best Buy in the second quarter worth approximately $35,000. Whittier Trust Co. increased its stake in shares of 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 buying an additional 171 shares during the period. Finally, Benjamin Edwards Inc. raised its holdings in Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after buying an additional 166 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY opened at $90.11 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The stock has a 50-day moving average price of $97.01 and a 200-day moving average price of $87.45. The firm has a market cap of $19.35 billion, a PE ratio of 15.54, a P/E/G ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm 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%. The business’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BBY. Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Bank of America boosted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Finally, Truist Financial raised their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.