LMR Partners LLP Sells 5,644 Shares of Best Buy Co., Inc. (NYSE:BBY)

LMR Partners LLP decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,349 shares of the technology retailer’s stock after selling 5,644 shares during the period. LMR Partners LLP’s holdings in Best Buy were worth $7,680,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BBY. Ninety One UK Ltd acquired a new stake in Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans lifted its stake in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of 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 buying an additional 1,024,824 shares during the period. Swedbank AB acquired a new stake in shares of Best Buy during the first quarter worth $43,522,000. Finally, AQR Capital Management LLC lifted its stake in shares of 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 worth $116,252,000 after buying an additional 491,781 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Up 1.2 %

Best Buy stock opened at $92.66 on Monday. Best Buy Co., Inc. has a fifty-two week low of $62.92 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a 50 day moving average price of $95.70 and a 200 day moving average price of $88.33. The company has a market capitalization of $19.90 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 2.96% and a return on equity of 47.19%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.22 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid 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 yield of 4.06%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BBY shares. Truist Financial raised their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Barclays boosted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. UBS Group boosted their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Melius Research assumed coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently 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.