Vaughan Nelson Investment Management L.P. Buys 100,135 Shares of Best Buy Co., Inc. (NYSE:BBY)

Vaughan Nelson Investment Management L.P. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 37.2% during the third quarter, Holdings Channel.com reports. The firm owned 369,485 shares of the technology retailer’s stock after buying an additional 100,135 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Best Buy were worth $38,168,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Richardson Financial Services Inc. lifted its holdings 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 buying an additional 210 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy during the third quarter valued at $40,000. Whittier Trust Co. boosted its holdings in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 259 shares during the period. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on BBY shares. DA Davidson restated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday. Loop Capital lifted their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” 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, Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Shares of BBY stock opened at $92.66 on Friday. The company has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 2.37 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 company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The company’s 50 day moving average price is $95.70 and its two-hundred day moving average price is $88.22.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the business posted $1.22 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.06%. Best Buy’s dividend payout ratio is currently 64.83%.

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.