Ghe LLC Purchases 199 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ghe LLC raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.1% in the third quarter, HoldingsChannel reports. The firm owned 18,375 shares of the technology retailer’s stock after acquiring an additional 199 shares during the period. Best Buy comprises about 0.8% of Ghe LLC’s investment portfolio, making the stock its 29th largest holding. Ghe LLC’s holdings in Best Buy were worth $1,878,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Ninety One UK Ltd purchased a new position in shares of Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans increased 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 acquiring an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its holdings 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 valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Swedbank AB purchased a new position in shares of Best Buy in the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC increased its holdings in shares of Best Buy by 55.4% in 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 acquiring an additional 491,781 shares during the period. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BBY shares. DA Davidson reiterated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Telsey Advisory Group lifted their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Barclays upped their target price 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. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Best Buy stock traded up $1.18 during midday trading on Wednesday, hitting $91.38. 44,877 shares of the company were exchanged, compared to its average volume of 2,975,721. The firm has a market capitalization of $19.62 billion, a PE 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 business has a fifty day simple moving average of $96.16 and a two-hundred 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 earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm 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 revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the company earned $1.22 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced 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. This represents a $3.76 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

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.