White Knight Strategic Wealth Advisors LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

White Knight Strategic Wealth Advisors LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,125 shares of the technology retailer’s stock, valued at approximately $220,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ninety One UK Ltd acquired a new position in Best Buy during the 2nd quarter worth about $121,325,000. Thrivent Financial for Lutherans raised its stake in shares of Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 worth $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after purchasing an additional 490,801 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBY has been the topic of several research reports. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. 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 report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Guggenheim cut their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. Finally, UBS Group lowered their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Stock Up 2.1 %

Shares of Best Buy stock opened at $90.05 on Friday. The company has a market capitalization of $19.34 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The business has a 50-day moving average of $93.81 and a two-hundred day moving average of $89.17. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results 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 return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the business earned $1.22 EPS. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.19 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is 64.27%.

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.