Interval Partners LP Invests $4.68 Million in Best Buy Co., Inc. (NYSE:BBY)

Interval Partners LP acquired a new position in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 55,500 shares of the technology retailer’s stock, valued at approximately $4,678,000.

Other large investors also recently modified their holdings of the company. Ninety One UK Ltd purchased a new stake in shares of Best Buy during the second quarter worth $121,325,000. Thrivent Financial for Lutherans grew its stake in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares during the period. Epoch Investment Partners Inc. boosted its stake in Best Buy by 11,586.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after buying an additional 680,257 shares during the period. Finally, KBC Group NV raised its position in Best Buy by 320.4% during the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after purchasing an additional 655,750 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last ninety days. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Best Buy stock opened at $97.82 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a market cap of $21.10 billion, a P/E ratio of 17.13, a PEG ratio of 2.56 and a beta of 1.46. The company has a 50-day moving average price of $90.39 and a 200 day moving average price of $83.67. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71.

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, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BBY shares. Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Citigroup raised their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America boosted their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Wedbush increased their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Barclays raised their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Company 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.