Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 128.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,589 shares of the technology retailer’s stock after buying an additional 5,388 shares during the period. Pallas Capital Advisors LLC’s holdings in Best Buy were worth $903,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Palisade Asset Management LLC acquired a new stake in Best Buy during the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. lifted its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the period. PrairieView Partners LLC grew its position in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares during the last quarter. Innealta Capital LLC acquired a new position in Best Buy in the 2nd quarter valued at $35,000. Finally, Whittier Trust Co. raised its position in Best Buy by 53.3% during the 2nd 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 last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America raised their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company upped their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Piper Sandler reissued 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Down 1.7 %

Shares of NYSE BBY opened at $89.96 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm’s 50-day moving average is $96.61 and its two-hundred day moving average is $86.89. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a market capitalization of $19.32 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is 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.