Cinctive Capital Management LP Sells 51,079 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cinctive Capital Management LP lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 47.6% in the third quarter, HoldingsChannel reports. The firm owned 56,125 shares of the technology retailer’s stock after selling 51,079 shares during the period. Cinctive Capital Management LP’s holdings in Best Buy were worth $5,798,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares in the last quarter. Innealta Capital LLC bought a new stake in Best Buy during the 2nd quarter worth approximately $35,000. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the 3rd quarter valued at $40,000. Whittier Trust Co. raised its position 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 purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 259 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 2.1 %

NYSE BBY opened at $90.00 on Monday. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00. The stock’s 50 day moving average price is $93.81 and its two-hundred day moving average price is $89.38. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 2.39 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BBY shares. UBS Group lowered their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Loop Capital reduced their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Bank of America raised their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, Citigroup dropped their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

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.