Oak Harbor Wealth Partners LLC Lowers Holdings in Best Buy Co., Inc. (NYSE:BBY)

Oak Harbor Wealth Partners LLC decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,575 shares of the technology retailer’s stock after selling 863 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Best Buy were worth $1,712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. QRG Capital Management Inc. lifted its stake in shares of Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 898 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Finally, M&G Plc acquired a new position in shares of Best Buy in the 1st quarter valued at about $8,608,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research analyst reports. StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. boosted their price target on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Citigroup reduced their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Evercore ISI boosted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Price Performance

Shares of NYSE BBY opened at $91.59 on Friday. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve 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 company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The business has a 50 day simple moving average of $95.97 and a 200-day simple moving average of $87.97.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share 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% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.11%. Best Buy’s payout ratio is currently 64.83%.

Best Buy 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.