DoubleLine ETF Adviser LP Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

DoubleLine ETF Adviser LP purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 5,373 shares of the technology retailer’s stock, valued at approximately $453,000.

Other hedge funds have also modified their holdings of the company. Raymond James & Associates increased its holdings in Best Buy by 17.0% in the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after buying an additional 490,801 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of 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 worth $241,347,000 after acquiring an additional 1,024,824 shares during the period. Ninety One UK Ltd purchased a new position in shares of Best Buy during the second quarter worth $121,325,000. Finally, AQR Capital Management LLC raised its holdings in shares of Best Buy by 55.4% during 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 owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Melius Research began coverage on shares of Best Buy in a report on Monday. They issued a “hold” rating and a $100.00 price target on the stock. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report 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 research note on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.41.

Best Buy Trading Up 2.2 %

Shares of Best Buy stock opened at $100.00 on Friday. 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 twelve month low of $62.30 and a twelve month high of $103.71. The firm has a market capitalization of $21.47 billion, a PE ratio of 17.51, a P/E/G ratio of 2.56 and a beta of 1.46. The firm’s 50-day moving average price is $90.80 and its 200 day moving average price is $83.91.

Best Buy (NYSE:BBY) last released 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. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last 90 days. 0.59% of the stock is owned by insiders.

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.