Thrivent Financial for Lutherans Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Thrivent Financial for Lutherans grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,160,614 shares of the technology retailer’s stock after buying an additional 61,119 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.54% of Best Buy worth $119,892,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Raymond James & Associates increased its holdings in Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 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 worth $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd bought a new stake in shares of Best Buy during the 2nd quarter valued at $121,325,000. Finally, AQR Capital Management LLC lifted 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 buying an additional 491,781 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of a number of analyst reports. Evercore ISI increased their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Citigroup lowered their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $103.35.

Best Buy Trading Up 1.2 %

Shares of NYSE BBY opened at $92.66 on Friday. The stock has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 1-year low of $62.92 and a 1-year high of $103.71. The business’s 50 day moving average is $95.70 and its two-hundred day moving average is $88.22. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last released its quarterly 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 for 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 quarter in the prior year, the firm posted $1.22 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared 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 of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.06%. Best Buy’s payout ratio is 64.83%.

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.