West Michigan Advisors LLC Has $4.57 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

West Michigan Advisors LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,876 shares of the technology retailer’s stock after purchasing an additional 1,523 shares during the period. Best Buy accounts for about 1.4% of West Michigan Advisors LLC’s investment portfolio, making the stock its 16th biggest holding. West Michigan Advisors LLC’s holdings in Best Buy were worth $4,574,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the 1st quarter worth about $27,000. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. PrairieView Partners LLC lifted its position in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy during the 2nd quarter worth approximately $35,000. Finally, Whittier Trust Co. increased its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

Shares of BBY opened at $94.12 on Friday. The stock has a 50-day moving average of $96.02 and a 200-day moving average of $86.51. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market cap of $20.30 billion, a PE ratio of 16.48, a P/E/G ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Ratings Changes

Several research analysts have weighed in on BBY shares. Loop Capital increased their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Monday. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.71.

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.