Van ECK Associates Corp Has $7.50 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Van ECK Associates Corp trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,641 shares of the technology retailer’s stock after selling 21,064 shares during the quarter. Van ECK Associates Corp’s holdings in Best Buy were worth $7,504,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BBY. First Trust Direct Indexing L.P. bought a new position in shares of Best Buy in the 1st quarter valued at approximately $216,000. Janney Montgomery Scott LLC lifted its stake in shares of Best Buy by 3.2% in the first quarter. Janney Montgomery Scott LLC now owns 42,141 shares of the technology retailer’s stock worth $3,457,000 after buying an additional 1,308 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Best Buy by 10.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,279 shares of the technology retailer’s stock worth $1,581,000 after buying an additional 1,823 shares during the period. SPC Financial Inc. grew its stake in Best Buy by 43.9% in the 1st quarter. SPC Financial Inc. now owns 3,956 shares of the technology retailer’s stock valued at $325,000 after buying an additional 1,207 shares during the last quarter. Finally, Empirical Finance LLC raised its holdings in Best Buy by 3.4% in the 1st quarter. Empirical Finance LLC now owns 7,112 shares of the technology retailer’s stock worth $583,000 after acquiring an additional 232 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

Best Buy stock opened at $89.42 on Thursday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week 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 stock has a fifty day moving average price of $97.01 and a two-hundred day moving average price of $87.45. The firm has a market capitalization of $19.20 billion, a P/E ratio of 15.42, a P/E/G ratio of 2.38 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced 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. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm posted $1.22 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders 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 annualized dividend and a yield of 4.20%. Best Buy’s payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BBY shares. 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. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Barclays increased their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Citigroup boosted their target price on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus 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.