Simmons Bank Trims Holdings in Best Buy Co., Inc. (NYSE:BBY)

by · The Markets Daily

Simmons Bank lowered its position in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 11.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,410 shares of the technology retailer’s stock after selling 321 shares during the period. Simmons Bank’s holdings in Best Buy were worth $249,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Chase Investment Counsel Corp boosted its stake in shares of Best Buy by 17.4% in the third quarter. Chase Investment Counsel Corp now owns 3,766 shares of the technology retailer’s stock worth $389,000 after buying an additional 557 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Best Buy by 2.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 560,897 shares of the technology retailer’s stock worth $57,941,000 after purchasing an additional 13,798 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $443,000. Entropy Technologies LP purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $2,041,000. Finally, Apollon Wealth Management LLC boosted its holdings in Best Buy by 6.0% during the third quarter. Apollon Wealth Management LLC now owns 4,913 shares of the technology retailer’s stock worth $507,000 after buying an additional 279 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 1.0 %

NYSE BBY opened at $91.59 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 52 week low of $62.92 and a 52 week high of $103.71. The business’s fifty day simple moving average is $95.97 and its 200-day simple moving average is $87.97. The firm has a market cap of $19.67 billion, a PE ratio of 15.79, a P/E/G ratio of 2.36 and a beta of 1.47.

Best Buy (NYSE:BBY – Get Free Report) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.22 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share 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 paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup decreased their price objective 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. JPMorgan Chase & Co. increased 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. Evercore ISI boosted their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. UBS Group increased their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Get Our Latest Stock Report on BBY

Best Buy Profile

(Free Report)

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.

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