Candriam Luxembourg S.C.A. cut its stake in Best Buy Co Inc (NYSE:BBY) by 5.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,766 shares of the technology retailer’s stock after selling 1,663 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Best Buy were worth $2,204,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in shares of Best Buy by 647.0% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock worth $225,641,000 after purchasing an additional 2,462,655 shares in the last quarter. Swedbank purchased a new position in shares of Best Buy during the 3rd quarter worth approximately $174,994,000. Marshall Wace LLP increased its stake in shares of Best Buy by 454.5% during the 2nd quarter. Marshall Wace LLP now owns 1,287,293 shares of the technology retailer’s stock worth $96,006,000 after purchasing an additional 1,055,122 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Best Buy by 84.4% during the 2nd quarter. Janus Henderson Group PLC now owns 2,102,292 shares of the technology retailer’s stock worth $156,794,000 after purchasing an additional 962,231 shares in the last quarter. Finally, LSV Asset Management increased its stake in shares of Best Buy by 31.1% during the 2nd quarter. LSV Asset Management now owns 3,134,306 shares of the technology retailer’s stock worth $233,756,000 after purchasing an additional 742,913 shares in the last quarter. 84.91% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Jefferies Financial Group assumed coverage on shares of Best Buy in a research note on Tuesday, August 21st. They set a “hold” rating and a $79.00 price objective for the company. Wedbush set a $65.00 price objective on shares of Best Buy and gave the stock a “sell” rating in a research note on Thursday, August 23rd. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 29th. Finally, Telsey Advisory Group raised their price objective on shares of Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.38.
Shares of NYSE BBY opened at $62.09 on Friday. Best Buy Co Inc has a 1 year low of $56.17 and a 1 year high of $84.37. The company has a market cap of $16.86 billion, a P/E ratio of 12.22, a PEG ratio of 1.02 and a beta of 1.01. The company has a current ratio of 1.10, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.
Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The firm had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. During the same quarter last year, the business earned $0.78 earnings per share. Best Buy’s revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that Best Buy Co Inc will post 5.18 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, December 11th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.90%. Best Buy’s dividend payout ratio (DPR) is currently 40.72%.
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About Best Buy
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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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