Thrivent Financial for Lutherans Grows Holdings in Best Buy Co., Inc. (NYSE:BBY)

Thrivent Financial for Lutherans grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.6% in the third quarter, Holdings Channel reports. The firm owned 1,160,614 shares of the technology retailer’s stock after acquiring an additional 61,119 shares during the period. Thrivent Financial for Lutherans’ holdings in Best Buy were worth $119,892,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its position in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the period. GAMMA Investing LLC increased its holdings in Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 1.2 %

Shares of BBY stock opened at $92.66 on Friday. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month high of $103.71. The stock has a market cap of $19.90 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. The stock has a 50 day moving average of $95.70 and a 200 day moving average of $88.22. 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 (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the firm earned $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

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

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Barclays raised their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company increased their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, Wedbush upped their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.