Xponance Inc. Purchases 23,304 Shares of Best Buy Co., Inc. $BBY

Xponance Inc. grew its position in Best Buy Co., Inc. (NYSE:BBY) by 57.4% in the third quarter, Holdings Channel.com reports. The fund owned 63,936 shares of the technology retailer’s stock after buying an additional 23,304 shares during the period. Xponance Inc.’s holdings in Best Buy were worth $4,835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of BBY. Vanguard Group Inc. raised its stake in shares of Best Buy by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after buying an additional 552,360 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Best Buy by 46.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock valued at $10,760,000 after acquiring an additional 44,989 shares in the last quarter. CWM LLC increased its stake in Best Buy by 272.6% in the third quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock valued at $13,902,000 after acquiring an additional 134,508 shares during the period. Bank of New York Mellon Corp increased its stake in Best Buy by 2.3% in the third quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after acquiring an additional 39,026 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Best Buy by 155.9% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock worth $11,903,000 after purchasing an additional 95,900 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $61.93 on Monday. The business has a fifty day moving average of $67.09 and a 200-day moving average of $73.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $90.86. The firm has a market cap of $12.98 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 1.48 and a beta of 1.46.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BBY shares. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Morgan Stanley cut their target price on Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. The Goldman Sachs Group decreased their price target on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Jefferies Financial Group dropped their price objective on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, February 9th. Finally, Piper Sandler cut their price objective on Best Buy from $76.00 to $71.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.05.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.