Physicians Financial Services Inc. Acquires New Holdings in Best Buy Co., Inc. (NYSE:BBY)

Physicians Financial Services Inc. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, HoldingsChannel reports. The firm purchased 2,000 shares of the technology retailer’s stock, valued at approximately $207,000.

Several other hedge funds have also recently bought and sold shares of BBY. Comprehensive Financial Consultants Institutional Inc. boosted its holdings in shares of Best Buy by 1.2% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 45,446 shares of the technology retailer’s stock worth $4,695,000 after buying an additional 547 shares during the period. Consolidated Planning Corp bought a new position in Best Buy during the third quarter worth $427,000. Principal Financial Group Inc. grew its position in Best Buy by 2.0% in the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock worth $25,568,000 after purchasing an additional 4,958 shares during the last quarter. Jackson Square Capital LLC bought a new position in shares of Best Buy during the 3rd quarter worth about $1,248,000. Finally, Graypoint LLC raised its holdings in Best Buy by 33.4% in the 3rd quarter. Graypoint LLC now owns 9,171 shares of the technology retailer’s stock valued at $947,000 after acquiring an additional 2,294 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BBY shares. UBS Group lifted their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Barclays upped their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.53 during trading on Friday, reaching $89.58. The company’s stock had a trading volume of 149,304 shares, compared to its average volume of 2,980,408. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $97.01 and its 200-day moving average price is $87.45. The firm has a market cap of $19.24 billion, a PE ratio of 15.54, a P/E/G ratio of 2.43 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.