Peapack Gladstone Financial Corp Sells 561 Shares of Best Buy Co., Inc. (NYSE:BBY)

Peapack Gladstone Financial Corp trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 5.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,155 shares of the technology retailer’s stock after selling 561 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Best Buy were worth $946,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. bought a new position in Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares during the period. Finally, Whittier Trust Co. raised its holdings in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares during the period. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on BBY shares. The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Truist Financial lowered their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One 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’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $87.60 on Monday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market capitalization of $18.73 billion, a P/E ratio of 14.97, a P/E/G ratio of 2.19 and a beta of 1.44. The company’s 50 day moving average price is $91.54 and its two-hundred day moving average price is $90.54.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the prior year, the business earned $1.29 EPS. The business’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is currently 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.