Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Chase Investment Counsel Corp

Chase Investment Counsel Corp grew its position in Best Buy Co., Inc. (NYSE:BBY) by 17.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,766 shares of the technology retailer’s stock after purchasing an additional 557 shares during the period. Chase Investment Counsel Corp’s holdings in Best Buy were worth $389,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. raised its position in Best Buy by 2.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 560,897 shares of the technology retailer’s stock valued at $57,941,000 after purchasing an additional 13,798 shares during the period. GSA Capital Partners LLP purchased a new position in Best Buy during the third quarter worth about $443,000. Entropy Technologies LP acquired a new stake in shares of Best Buy during the third quarter valued at about $2,041,000. Apollon Wealth Management LLC raised its stake in shares of Best Buy by 6.0% in the 3rd quarter. Apollon Wealth Management LLC now owns 4,913 shares of the technology retailer’s stock valued at $507,000 after acquiring an additional 279 shares during the period. Finally, Versor Investments LP acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $1,270,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of BBY opened at $90.20 on Wednesday. The company has a market capitalization of $19.37 billion, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. Best Buy Co., Inc. has a fifty-two week low of $62.92 and a fifty-two week high of $103.71. The firm has a 50-day simple moving average of $96.16 and a 200-day simple moving average of $87.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the firm posted $1.22 EPS. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BBY shares. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Citigroup lowered their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. 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 report on Friday, August 30th. Finally, UBS Group increased their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research 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, the company has an average rating of “Moderate Buy” and a consensus price target of $103.35.

About Best Buy

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.