Brooklyn Investment Group Takes $44,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Brooklyn Investment Group bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 430 shares of the technology retailer’s stock, valued at approximately $44,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tidal Investments LLC boosted its holdings in Best Buy by 25.3% during the first quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock worth $1,237,000 after buying an additional 3,044 shares in the last quarter. Comerica Bank boosted its holdings in Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock worth $3,073,000 after buying an additional 298 shares in the last quarter. iA Global Asset Management Inc. boosted its holdings in Best Buy by 761.4% during the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock worth $430,000 after buying an additional 4,637 shares in the last quarter. PGGM Investments purchased a new stake in Best Buy during the first quarter worth about $174,000. Finally, Cetera Investment Advisers boosted its holdings in Best Buy by 155.0% during the first quarter. Cetera Investment Advisers now owns 54,480 shares of the technology retailer’s stock worth $4,469,000 after buying an additional 33,115 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $90.05 on Friday. Best Buy Co., Inc. has a one year low of $69.29 and a one year 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 1.00. The company has a 50 day moving average price of $93.81 and a 200 day moving average price of $89.17. The firm has a market capitalization of $19.34 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly 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 3.01% and a return on equity of 45.93%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the business posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.19 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research analyst reports. 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 report on Friday, August 30th. Telsey Advisory Group cut their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

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.