Meeder Asset Management Inc. Sells 13,891 Shares of Best Buy Co., Inc. (NYSE:BBY)

Meeder Asset Management Inc. cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 33.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,845 shares of the technology retailer’s stock after selling 13,891 shares during the period. Meeder Asset Management Inc.’s holdings in Best Buy were worth $2,876,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Raymond James & Associates lifted its stake in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares during the period. Dimensional Fund Advisors LP raised its holdings in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares during the period. Ninety One UK Ltd bought a new stake in shares of Best Buy during the 2nd quarter valued at $121,325,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BBY. Barclays lifted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company boosted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. UBS Group raised their price target on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Price Performance

Shares of Best Buy stock opened at $89.00 on Tuesday. The stock has a 50 day moving average price of $95.52 and a 200-day moving average price of $88.45. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The stock has a market cap of $19.11 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. Equities analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. Best Buy’s payout ratio is 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.