United Services Automobile Association Sells 36,337 Shares of Best Buy Co., Inc. (NYSE:BBY)

United Services Automobile Association lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 28.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 92,237 shares of the technology retailer’s stock after selling 36,337 shares during the quarter. United Services Automobile Association’s holdings in Best Buy were worth $9,528,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BBY. Richardson Financial Services Inc. increased its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the third quarter worth $40,000. Innealta Capital LLC bought a new position in shares of Best Buy in the 2nd quarter valued at $35,000. Brooklyn Investment Group acquired a new stake in Best Buy in the third quarter valued at about $44,000. Finally, Whittier Trust Co. raised its stake in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $88.17 on Friday. The company has a market cap of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.23 and a beta of 1.44. The business’s 50 day moving average price is $93.12 and its 200-day moving average price is $89.62. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. UBS Group lowered their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Truist Financial reduced their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. DA Davidson restated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

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.