Bleakley Financial Group LLC Buys 384 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bleakley Financial Group LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the third quarter, HoldingsChannel reports. The firm owned 6,028 shares of the technology retailer’s stock after acquiring an additional 384 shares during the period. Bleakley Financial Group LLC’s holdings in Best Buy were worth $623,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ninety One UK Ltd purchased a new position in shares of Best Buy in the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans increased its position in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in 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 valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Swedbank AB purchased a new position in Best Buy in the first quarter worth about $43,522,000. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% during 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 purchasing an additional 491,781 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.59% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on BBY. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Barclays boosted their price objective 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. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. boosted their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. One 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 company’s stock. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Trading Down 3.1 %

Shares of BBY opened at $93.17 on Tuesday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a 50 day simple moving average of $95.60 and a two-hundred day simple moving average of $86.36. 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 cap of $20.10 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

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. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the company posted $1.22 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given 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 dividend yield of 4.04%. Best Buy’s dividend payout ratio is currently 65.85%.

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.