Lecap Asset Management Ltd. Has $932,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Lecap Asset Management Ltd. lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 35.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,025 shares of the technology retailer’s stock after selling 4,902 shares during the period. Lecap Asset Management Ltd.’s holdings in Best Buy were worth $932,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ninety One UK Ltd bought a new stake in Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans boosted its stake in Best Buy by 4,337.6% during 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 purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 acquiring an additional 1,024,824 shares in the last quarter. Swedbank AB purchased a new stake in Best Buy in the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC lifted its holdings in 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 acquiring an additional 491,781 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $93.35 on Thursday. The company’s 50 day moving average is $96.02 and its 200 day moving average is $86.51. The company has a market cap of $20.14 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. 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 issued its quarterly 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 business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.03%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is currently 65.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wedbush upped their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Loop Capital raised their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group increased their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy 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.