Benjamin Edwards Inc. Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Benjamin Edwards Inc. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 15,481.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 76,816 shares of the technology retailer’s stock after acquiring an additional 76,323 shares during the period. Benjamin Edwards Inc.’s holdings in Best Buy were worth $7,935,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Park Avenue Securities LLC lifted its holdings in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after buying an additional 103 shares during the period. Greenleaf Trust raised its position in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after acquiring an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC lifted its stake in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after purchasing an additional 118 shares during the period. Tobam boosted its position in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC grew its stake in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Barclays raised their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Bank of America boosted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. The Goldman Sachs Group boosted their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, DA Davidson reaffirmed a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

Shares of BBY stock opened at $90.92 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $93.67 and a 200-day moving average price of $89.50. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The firm has a market capitalization of $19.52 billion, a PE ratio of 15.54, a P/E/G ratio of 2.39 and a beta of 1.47.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.14%. Best Buy’s dividend payout ratio is presently 64.27%.

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.