Bleakley Financial Group LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Bleakley Financial Group LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,028 shares of the technology retailer’s stock after acquiring an additional 384 shares during the quarter. Bleakley Financial Group LLC’s holdings in Best Buy were worth $623,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BBY. Ninety One UK Ltd bought a new position in shares of Best Buy in the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans raised its holdings in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Swedbank AB bought a new position in shares of Best Buy during the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC lifted its stake in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $93.17 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $20.10 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.58 and a beta of 1.46. The business’s 50 day moving average price is $95.60 and its 200-day moving average price is $86.36. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBY shares. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wells Fargo & Company raised their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Citigroup upped their price objective on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

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.