Grantham Mayo Van Otterloo & Co. LLC Has $22.45 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 24.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 344,300 shares of the technology retailer’s stock after purchasing an additional 66,700 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.15% of Best Buy worth $22,445,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BBY. Capital World Investors acquired a new stake in shares of Best Buy during the 1st quarter worth about $99,081,000. Deutsche Bank AG increased its position in shares of Best Buy by 46.5% during the 2nd quarter. Deutsche Bank AG now owns 1,621,004 shares of the technology retailer’s stock worth $105,674,000 after purchasing an additional 514,856 shares in the last quarter. First Trust Advisors LP increased its position in shares of Best Buy by 21.7% during the 1st quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock worth $214,490,000 after purchasing an additional 420,134 shares in the last quarter. Invesco Ltd. increased its position in shares of Best Buy by 24.6% during the 1st quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock worth $191,643,000 after purchasing an additional 416,531 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Best Buy by 58.7% during the 1st quarter. Victory Capital Management Inc. now owns 868,739 shares of the technology retailer’s stock worth $78,126,000 after purchasing an additional 321,332 shares in the last quarter. Institutional investors and hedge funds own 79.86% of the company’s stock.

Best Buy Stock Up 3.1 %

Shares of NYSE BBY opened at $82.39 on Thursday. The firm’s 50-day moving average is $68.00 and its 200-day moving average is $73.04. Best Buy Co., Inc. has a 1 year low of $60.78 and a 1 year high of $121.87. The firm has a market capitalization of $18.55 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.46. The company has a current ratio of 0.98, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings data on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.35. Best Buy had a net margin of 3.23% and a return on equity of 57.26%. The business had revenue of $10.59 billion for the quarter, compared to analyst estimates of $10.30 billion. During the same quarter last year, the firm earned $2.08 EPS. Best Buy’s quarterly revenue was down 11.1% compared to the same quarter last year. Equities analysts expect that Best Buy Co., Inc. will post 6.2 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.27%. The ex-dividend date is Monday, December 12th. Best Buy’s payout ratio is 52.69%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $106.00 to $71.00 in a research report on Thursday, July 28th. Bank of America increased their price objective on shares of Best Buy from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Best Buy from $85.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, November 18th. StockNews.com started coverage on shares of Best Buy in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, DA Davidson decreased their price objective on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, August 31st. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.75.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 25,071 shares of Best Buy stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the sale, the executive vice president now owns 50,101 shares in the company, valued at $3,625,809.37. The disclosure for this sale can be found here. Insiders have sold 26,533 shares of company stock valued at $1,925,382 in the last 90 days. 0.44% of the stock is owned by insiders.

About Best Buy

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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