IFM Investors Pty Ltd Has $5.13 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

IFM Investors Pty Ltd lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 0.9% in the third quarter, Holdings Channel.com reports. The fund owned 49,673 shares of the technology retailer’s stock after selling 467 shares during the period. IFM Investors Pty Ltd’s holdings in Best Buy were worth $5,131,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Raymond James & Associates raised its stake in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares during the period. Bank of New York Mellon Corp raised its stake in Best Buy by 55.7% during 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 in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the 2nd quarter valued at $121,325,000. Finally, AQR Capital Management LLC increased its position 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 worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. DA Davidson restated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One investment 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 stock. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Stock Down 1.5 %

NYSE:BBY opened at $92.68 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The stock has a 50-day moving average price of $96.37 and a two-hundred day moving average price of $86.65. The stock has a market cap of $19.99 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46. 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 data 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. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. Best Buy’s payout ratio is 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.