Healthcare of Ontario Pension Plan Trust Fund Has $11.36 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Healthcare of Ontario Pension Plan Trust Fund cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 63.3% during the 3rd quarter, Holdings Channel reports. The firm owned 110,000 shares of the technology retailer’s stock after selling 190,000 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Best Buy were worth $11,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. QRG Capital Management Inc. increased its stake in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after buying an additional 898 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after buying an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after buying an additional 18,171 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Down 0.4 %

Shares of NYSE BBY opened at $88.17 on Friday. 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 Co., Inc. has a 52-week low of $68.67 and a 52-week high of $103.71. The firm has a 50 day moving average price of $93.96 and a two-hundred day moving average price of $89.06. The stock has a market cap of $18.93 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced its quarterly earnings results 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 firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the company posted $1.22 EPS. The company’s revenue was down 3.1% on a year-over-year basis. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Analysts Set New Price Targets

Several brokerages recently commented on BBY. The Goldman Sachs Group lifted their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $100.82.

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.