Commerce Bank Sells 12,872 Shares of Best Buy Co., Inc. (NYSE:BBY)

Commerce Bank cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,457 shares of the technology retailer’s stock after selling 12,872 shares during the quarter. Commerce Bank’s holdings in Best Buy were worth $7,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. QRG Capital Management Inc. grew its stake in 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 buying an additional 3,025 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% during 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 during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BBY shares. Citigroup dropped their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company upped their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Stock Performance

NYSE:BBY opened at $86.83 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $67.38 and a twelve month high of $103.71. The firm’s fifty day simple moving average is $94.89 and its 200 day simple moving average is $88.51. The stock has a market cap of $18.65 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 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.