Chevy Chase Trust Holdings Inc. cut its position in shares of Best Buy Co. (NYSE:BBY) by 3.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 232,124 shares of the technology retailer’s stock after selling 9,352 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Best Buy were worth $8,863,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of BBY. Advantus Capital Management Inc boosted its stake in Best Buy by 0.4% in the second quarter. Advantus Capital Management Inc now owns 27,269 shares of the technology retailer’s stock worth $834,000 after buying an additional 108 shares in the last quarter. Blair William & Co. IL boosted its stake in Best Buy by 0.7% in the second quarter. Blair William & Co. IL now owns 17,829 shares of the technology retailer’s stock worth $546,000 after buying an additional 125 shares in the last quarter. World Asset Management Inc boosted its stake in Best Buy by 0.5% in the second quarter. World Asset Management Inc now owns 31,449 shares of the technology retailer’s stock worth $962,000 after buying an additional 172 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock worth $124,000 after buying an additional 253 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its stake in Best Buy by 0.4% in the second quarter. Commonwealth Bank of Australia now owns 104,853 shares of the technology retailer’s stock worth $3,209,000 after buying an additional 367 shares in the last quarter. Institutional investors own 86.45% of the company’s stock.
Shares of Best Buy Co. (NYSE:BBY) traded down 2.68% on Monday, reaching $45.33. The company’s stock had a trading volume of 7,103,205 shares. Best Buy Co. has a 1-year low of $25.31 and a 1-year high of $47.29. The stock has a 50-day moving average of $40.31 and a 200 day moving average of $35.40. The stock has a market capitalization of $14.33 billion, a PE ratio of 13.53 and a beta of 1.51.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.15. The business earned $8.95 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The business’s revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm posted $0.41 earnings per share. On average, equities analysts forecast that Best Buy Co. will post $3.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 33.73%.
A number of analysts have weighed in on the company. Morgan Stanley set a $43.00 price target on Best Buy and gave the company a “hold” rating in a research note on Saturday, November 19th. Jefferies Group reiterated a “buy” rating and set a $0.15 target price on shares of Best Buy in a research report on Tuesday, November 22nd. Vetr upgraded Best Buy from a “sell” rating to a “hold” rating and set a $34.32 target price on the stock in a research report on Tuesday, August 16th. Raymond James Financial Inc. lifted their target price on Best Buy from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, August 24th. Finally, Zacks Investment Research upgraded Best Buy from a “sell” rating to a “hold” rating and set a $44.00 target price on the stock in a research report on Monday, November 7th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $37.67.
About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.