Tower Bridge Advisors Sells 1,000 Shares of Best Buy Co., Inc. (NYSE:BBY)

Tower Bridge Advisors reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,400 shares of the technology retailer’s stock after selling 1,000 shares during the quarter. Tower Bridge Advisors’ holdings in Best Buy were worth $248,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Adero Partners LLC acquired a new position in Best Buy in the 3rd quarter worth about $209,000. Vaughan Nelson Investment Management L.P. increased its holdings in Best Buy by 37.2% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 369,485 shares of the technology retailer’s stock worth $38,168,000 after purchasing an additional 100,135 shares in the last quarter. Natixis Advisors LLC increased its holdings in Best Buy by 12.0% in the 3rd quarter. Natixis Advisors LLC now owns 116,167 shares of the technology retailer’s stock worth $12,000,000 after purchasing an additional 12,491 shares in the last quarter. Empirical Finance LLC increased its holdings in Best Buy by 1.2% in the 3rd quarter. Empirical Finance LLC now owns 15,012 shares of the technology retailer’s stock worth $1,551,000 after purchasing an additional 173 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Best Buy by 9.2% in the 3rd quarter. CIBC Asset Management Inc now owns 34,249 shares of the technology retailer’s stock worth $3,538,000 after purchasing an additional 2,888 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Evercore ISI increased their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. UBS Group increased their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Price Performance

NYSE:BBY opened at $92.66 on Monday. The firm has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71. The stock has a fifty day moving average of $95.70 and a 200 day moving average of $88.33. 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 posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the company earned $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

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. This represents a $3.76 annualized dividend and a yield of 4.06%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Best Buy Company 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.