Wealth Enhancement Advisory Services LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Wealth Enhancement Advisory Services LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 15.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 115,286 shares of the technology retailer’s stock after purchasing an additional 15,517 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Best Buy were worth $11,909,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Raymond James & Associates boosted its position in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares during the period. Dimensional Fund Advisors LP boosted its position in 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 buying an additional 235,478 shares during the period. Bank of New York Mellon Corp boosted its position 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 valued at $241,347,000 after buying an additional 1,024,824 shares during the period. Ninety One UK Ltd purchased a new position in Best Buy in the 2nd quarter valued at approximately $121,325,000. Finally, AQR Capital Management LLC boosted its position in Best Buy by 55.4% in the 2nd 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 period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $91.53 on Tuesday. The company’s fifty day moving average price is $96.50 and its 200 day moving average price is $86.80. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $19.74 billion, a P/E ratio of 16.03, a P/E/G ratio of 2.58 and a beta of 1.46.

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

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.11%. Best Buy’s dividend payout ratio is presently 65.85%.

Analysts Set New Price Targets

BBY has been the subject of several recent research reports. DA Davidson reissued a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Barclays raised their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. UBS Group lifted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. One 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 stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target 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.