Avestar Capital LLC Acquires Shares of 2,147 Best Buy Co., Inc. (NYSE:BBY)

Avestar Capital LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, Holdings Channel reports. The institutional investor bought 2,147 shares of the technology retailer’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Park Avenue Securities LLC lifted its holdings in shares of Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after acquiring an additional 103 shares during the last quarter. Greenleaf Trust increased 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 valued at $977,000 after purchasing an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC increased its position 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 last quarter. Tobam increased its position in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC increased its position in shares of Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Citigroup dropped their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday. Truist Financial dropped their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday. Loop Capital dropped their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Bank of America increased their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Stock Down 0.4 %

Shares of NYSE:BBY opened at $88.17 on Friday. The stock has a market cap of $18.93 billion, a P/E ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The firm has a fifty day moving average price of $93.96 and a 200 day moving average price of $89.06. 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 Co., Inc. has a 1-year low of $68.67 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the business earned $1.22 EPS. The business’s revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company 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 $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 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.