IMPACTfolio LLC Acquires Shares of 2,210 Best Buy Co., Inc. (NYSE:BBY)

IMPACTfolio LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,210 shares of the technology retailer’s stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BBY. Ninety One UK Ltd acquired a new position in Best Buy during the second quarter worth $121,325,000. Thrivent Financial for Lutherans lifted its stake in Best Buy by 4,337.6% in the 2nd 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 in the last quarter. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after buying an additional 680,257 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Best Buy during the first quarter valued at approximately $43,522,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s 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 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 can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders sold 1,383,370 shares of company stock valued at $122,233,276. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BBY. Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Wednesday. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Finally, JPMorgan Chase & Co. increased their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

Shares of BBY stock opened at $99.71 on Thursday. The stock’s 50-day moving average is $92.09 and its two-hundred day moving average is $84.75. The firm has a market cap of $21.51 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71.

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

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued 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 3.77%. Best Buy’s dividend payout ratio is currently 65.85%.

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.