Manchester Financial Inc. Sells 200 Shares of Best Buy Co., Inc. (NYSE:BBY)

Manchester Financial Inc. reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,745 shares of the technology retailer’s stock after selling 200 shares during the period. Manchester Financial Inc.’s holdings in Best Buy were worth $284,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares in the last quarter. M&G Plc purchased a new stake in Best Buy during the first quarter valued at about $8,608,000. Van ECK Associates Corp raised its position in Best Buy by 21.9% during the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock valued at $9,715,000 after purchasing an additional 21,258 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 119.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,635 shares of the technology retailer’s stock worth $14,559,000 after purchasing an additional 100,689 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Down 1.5 %

Shares of BBY stock opened at $92.68 on Friday. The stock has a market capitalization of $19.99 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $96.37 and its 200 day moving average is $86.68.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

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 payout ratio is 65.85%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BBY shares. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company increased their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Bank of America upped 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.