Synovus Financial Corp grew its holdings in Best Buy Co Inc (NYSE:BBY) by 16,510.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,817 shares of the technology retailer’s stock after purchasing an additional 4,788 shares during the quarter. Synovus Financial Corp’s holdings in Best Buy were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
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Several other institutional investors have also made changes to their positions in the stock. Virtus ETF Advisers LLC acquired a new position in Best Buy during the second quarter worth $25,000. TRUE Private Wealth Advisors bought a new position in Best Buy in the 2nd quarter valued at about $27,000. Advisors Preferred LLC bought a new stake in Best Buy during the 2nd quarter worth approximately $27,000. Whittier Trust Co. raised its stake in shares of Best Buy by 138.4% in the third quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock worth $38,000 after purchasing an additional 321 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new position in shares of Best Buy in the second quarter valued at approximately $43,000. Institutional investors own 75.60% of the company’s stock.
Shares of BBY opened at $79.20 on Tuesday. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $83.63. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.27 and a current ratio of 1.05. The stock’s 50-day simple moving average is $74.42 and its 200 day simple moving average is $69.88.
Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.10. The business had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.71 billion. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. Best Buy’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, research analysts forecast that Best Buy Co Inc will post 5.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Monday, December 16th. Best Buy’s payout ratio is currently 37.59%.
In related news, CAO Mathew Watson sold 1,000 shares of Best Buy stock in a transaction on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Hubert Joly sold 407,880 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,924,464 shares of company stock worth $149,780,857 over the last quarter. Corporate insiders own 0.95% of the company’s stock.
A number of equities research analysts recently commented on the company. Jefferies Financial Group set a $80.00 price target on Best Buy and gave the company a “buy” rating in a research report on Tuesday, September 24th. Raymond James reissued a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, November 27th. Loop Capital set a $90.00 price target on Best Buy and gave the company a “buy” rating in a research report on Wednesday, September 18th. Bank of America set a $75.00 price objective on Best Buy and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, Zacks Investment Research downgraded shares of Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price target on the stock. in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.47.
Best Buy Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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