M&G Plc Increases Holdings in Best Buy Co., Inc. (NYSE:BBY)

M&G Plc increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 133,168 shares of the technology retailer’s stock after buying an additional 7,192 shares during the quarter. M&G Plc owned 0.06% of Best Buy worth $13,716,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in Best Buy during the second quarter valued at $35,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the third quarter worth $40,000. Whittier Trust Co. raised its stake in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after buying an additional 259 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBY shares. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Telsey Advisory Group lifted their target price on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Citigroup raised their price objective 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. Finally, Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Up 0.8 %

Shares of NYSE BBY opened at $90.11 on Friday. The business has a 50-day moving average of $97.01 and a 200-day moving average of $87.45. The firm has a market capitalization of $19.35 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 2.43 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. 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 issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is currently 64.83%.

About Best Buy

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.