Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Increased by Avidian Wealth Solutions LLC

Avidian Wealth Solutions LLC boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 34.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,696 shares of the technology retailer’s stock after buying an additional 687 shares during the period. Avidian Wealth Solutions LLC’s holdings in Best Buy were worth $285,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. increased its holdings in Best Buy by 279.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 300 shares of the technology retailer’s stock valued at $34,000 after buying an additional 221 shares during the last quarter. TCI Wealth Advisors Inc. boosted its stake in Best Buy by 34.6% in the third quarter. TCI Wealth Advisors Inc. now owns 362 shares of the technology retailer’s stock valued at $38,000 after acquiring an additional 93 shares during the period. Allworth Financial LP boosted its stake in Best Buy by 345.8% in the third quarter. Allworth Financial LP now owns 428 shares of the technology retailer’s stock valued at $45,000 after acquiring an additional 332 shares during the period. Tacita Capital Inc acquired a new position in Best Buy in the second quarter valued at approximately $56,000. Finally, Bartlett & Co. LLC boosted its stake in Best Buy by 598.7% in the third quarter. Bartlett & Co. LLC now owns 531 shares of the technology retailer’s stock valued at $56,000 after acquiring an additional 455 shares during the period. 78.82% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:BBY opened at $100.04 on Friday. The stock has a market capitalization of $24.07 billion, a PE ratio of 9.69, a P/E/G ratio of 1.12 and a beta of 1.54. Best Buy Co., Inc. has a 1 year low of $94.54 and a 1 year high of $141.97. The firm has a fifty day moving average price of $110.39 and a 200 day moving average price of $112.34. The company has a current ratio of 1.13, a quick ratio of 0.42 and a debt-to-equity ratio of 0.29.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.13. The firm had revenue of $11.91 billion during the quarter, compared to analysts’ expectations of $11.62 billion. Best Buy had a net margin of 5.05% and a return on equity of 63.58%. Best Buy’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $2.06 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 10.09 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 4th. Investors of record on Tuesday, December 14th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Monday, December 13th. Best Buy’s dividend payout ratio is presently 27.13%.

In other Best Buy news, insider Damien Harmon sold 365 shares of the company’s stock in a transaction dated Monday, January 10th. The shares were sold at an average price of $101.72, for a total transaction of $37,127.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is owned by corporate insiders.

Several equities analysts have recently issued reports on BBY shares. Piper Sandler upgraded Best Buy to a “buy” rating and boosted their price objective for the stock from $150.00 to $155.00 in a research report on Tuesday, October 26th. Jefferies Financial Group reduced their price objective on Best Buy from $145.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, November 24th. Wells Fargo & Company restated a “buy” rating on shares of Best Buy in a research report on Wednesday, January 5th. Truist Financial started coverage on Best Buy in a report on Thursday. They issued a “hold” rating and a $108.00 price target on the stock. Finally, Truist Securities started coverage on Best Buy in a report on Thursday. They issued a “hold” rating and a $108.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Best Buy has a consensus rating of “Buy” and a consensus target price of $127.18.

About Best Buy

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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