Best Buy Co., Inc. (NYSE:BBY) Shares Sold by LMR Partners LLP

LMR Partners LLP cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,349 shares of the technology retailer’s stock after selling 5,644 shares during the quarter. LMR Partners LLP’s holdings in Best Buy were worth $7,680,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Ninety One UK Ltd acquired a new position in shares of Best Buy during the second quarter worth about $121,325,000. Thrivent Financial for Lutherans lifted its stake in Best Buy by 4,337.6% in 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 buying an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Best Buy by 55.7% in the second 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 buying an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new stake in Best Buy in the first quarter valued at approximately $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 valued at $116,252,000 after buying an additional 491,781 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 1.2 %

Best Buy stock opened at $92.66 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a fifty-two week low of $62.92 and a fifty-two week high of $103.71. The stock’s fifty day moving average is $95.70 and its two-hundred day moving average is $88.33.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 earnings per share. Analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BBY. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Wedbush upped their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Wells Fargo & Company upped their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Evercore ISI upped their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $103.35.

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.