Quarry LP Acquires 1,226 Shares of Best Buy Co., Inc. (NYSE:BBY)

Quarry LP grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 202.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,832 shares of the technology retailer’s stock after purchasing an additional 1,226 shares during the period. Quarry LP’s holdings in Best Buy were worth $189,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after buying an additional 241,988 shares in the last quarter. Raymond James & Associates lifted its position in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Best Buy by 8.3% during the 2nd 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 last quarter. Bank of New York Mellon Corp increased its stake in shares of Best Buy by 55.7% during the 2nd 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 during the last quarter. Finally, Ninety One UK Ltd acquired a new position in shares of Best Buy during the 2nd quarter worth about $121,325,000. 80.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BBY shares. Wells Fargo & Company lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Guggenheim lowered their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. DA Davidson restated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Finally, Barclays boosted their price objective 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Stock Performance

Shares of Best Buy stock opened at $89.80 on Friday. The company has a 50 day moving average of $93.12 and a 200-day moving average of $89.62. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $19.28 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 2.23 and a beta of 1.44.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

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.