Cornercap Investment Counsel Inc. Has $871,000 Holdings in Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 66.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,436 shares of the technology retailer’s stock after selling 16,886 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Best Buy were worth $871,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. CIBC Asset Management Inc grew its holdings in Best Buy by 9.2% during the 3rd quarter. CIBC Asset Management Inc now owns 34,249 shares of the technology retailer’s stock worth $3,538,000 after acquiring an additional 2,888 shares during the period. ING Groep NV bought a new stake in Best Buy in the third quarter worth approximately $2,763,000. Lifeworks Advisors LLC acquired a new position in Best Buy in the third quarter valued at approximately $218,000. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Best Buy by 9.0% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,380 shares of the technology retailer’s stock worth $659,000 after buying an additional 526 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of Best Buy by 22.0% in the 3rd quarter. Huntington National Bank now owns 2,102 shares of the technology retailer’s stock valued at $217,000 after acquiring an additional 379 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BBY has been the topic of a number of recent research reports. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Evercore ISI raised their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. JPMorgan Chase & Co. upped their price target on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Barclays raised their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Performance

Best Buy stock opened at $91.59 on Friday. The firm’s 50 day simple moving average is $95.97 and its 200 day simple moving average is $87.97. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $62.92 and a 1-year high of $103.71. The firm has a market capitalization of $19.67 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. As a group, analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 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.