Versor Investments LP Invests $1.27 Million in Best Buy Co., Inc. (NYSE:BBY)

Versor Investments LP acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,295 shares of the technology retailer’s stock, valued at approximately $1,270,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Access Investment Management LLC boosted its holdings in Best Buy by 12.2% in the third quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock valued at $143,000 after purchasing an additional 150 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in Best Buy by 3.9% in the third quarter. Venturi Wealth Management LLC now owns 6,075 shares of the technology retailer’s stock valued at $628,000 after purchasing an additional 226 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Best Buy in the third quarter valued at approximately $72,000. Los Angeles Capital Management LLC boosted its holdings in Best Buy by 496.2% in the third quarter. Los Angeles Capital Management LLC now owns 47,229 shares of the technology retailer’s stock valued at $4,879,000 after purchasing an additional 39,307 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Best Buy by 7.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 74,142 shares of the technology retailer’s stock valued at $7,659,000 after purchasing an additional 5,050 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 0.1 %

NYSE:BBY opened at $89.30 on Tuesday. The stock has a fifty day moving average price of $96.59 and a two-hundred day moving average price of $87.75. The stock has a market capitalization of $19.18 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 2.33 and a beta of 1.47. 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 1 year low of $62.92 and a 1 year high of $103.71.

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 firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations 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 was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.21%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average 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.