Oppenheimer & Co. Inc. Takes $678,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Oppenheimer & Co. Inc. bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,567 shares of the technology retailer’s stock, valued at approximately $678,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ninety One UK Ltd bought a new position in shares of Best Buy during the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans raised its holdings in shares of Best Buy by 4,337.6% in 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 in the last quarter. Bank of New York Mellon Corp lifted its position 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 purchasing an additional 1,024,824 shares during the period. Swedbank AB bought a new position in shares of Best Buy during the first quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC increased 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 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 Stock Down 0.3 %

Best Buy stock opened at $86.77 on Thursday. Best Buy Co., Inc. has a 12 month low of $62.92 and a 12 month high of $103.71. The stock has a market capitalization of $18.63 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. 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 business has a 50 day simple moving average of $95.11 and a 200-day simple moving average of $88.53.

Best Buy (NYSE:BBY) last posted 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. 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 period last year, the firm posted $1.22 earnings per share. The company’s revenue was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders 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 4.33%. Best Buy’s payout ratio is currently 64.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Loop Capital increased their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI lifted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, UBS Group boosted their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

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.