Sustainable Insight Capital Management LLC Purchases New Position in Best Buy Co., Inc. (NYSE:BBY)

Sustainable Insight Capital Management LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 49,700 shares of the technology retailer’s stock, valued at approximately $5,134,000. Best Buy makes up about 2.3% of Sustainable Insight Capital Management LLC’s investment portfolio, making the stock its 11th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC increased its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust grew its stake in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after buying an additional 108 shares during the period. SeaCrest Wealth Management LLC increased its holdings in shares of Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after buying an additional 118 shares during the last quarter. Tobam raised its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC lifted its holdings in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Bank of America raised their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Melius Research started coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group lifted their target price on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Down 1.0 %

Shares of Best Buy stock opened at $89.20 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The company has a market capitalization of $19.15 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a 50 day moving average of $96.59 and a 200 day moving average of $87.56.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.22%. Best Buy’s payout ratio is currently 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.