Caprock Group LLC Sells 1,242 Shares of Best Buy Co., Inc. (NYSE:BBY)

Caprock Group LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,596 shares of the technology retailer’s stock after selling 1,242 shares during the quarter. Caprock Group LLC’s holdings in Best Buy were worth $2,460,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BBY. Pathstone Holdings LLC grew its position in Best Buy by 2.7% during the 3rd quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock worth $3,511,000 after acquiring an additional 899 shares during the last quarter. Holistic Financial Partners acquired a new stake in shares of Best Buy during the third quarter valued at about $222,000. Islay Capital Management LLC bought a new stake in shares of Best Buy during the third quarter worth about $1,278,000. Swiss National Bank increased its stake in shares of Best Buy by 6.0% in the third quarter. Swiss National Bank now owns 608,300 shares of the technology retailer’s stock valued at $62,837,000 after buying an additional 34,300 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in Best Buy by 5.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer’s stock valued at $119,892,000 after buying an additional 61,119 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on BBY. Bank of America boosted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Truist Financial increased their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, Citigroup cut their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Shares of BBY opened at $87.00 on Wednesday. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The company has a market cap of $18.68 billion, a PE ratio of 15.00, a P/E/G ratio of 2.43 and a beta of 1.47. The stock has a 50-day moving average of $95.33 and a 200-day moving average of $88.54. 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 announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the firm posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

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.