Empirical Finance LLC Acquires 173 Shares of Best Buy Co., Inc. (NYSE:BBY)

Empirical Finance LLC raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,012 shares of the technology retailer’s stock after purchasing an additional 173 shares during the quarter. Empirical Finance LLC’s holdings in Best Buy were worth $1,551,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter worth about $35,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy during the 3rd quarter worth about $40,000. Whittier Trust Co. increased its position in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BBY. Loop Capital raised their price objective on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

Shares of BBY stock opened at $92.66 on Friday. The stock has a 50-day moving average of $95.70 and a 200-day moving average of $88.12. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The stock has a market cap of $19.90 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 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 the consensus estimate of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 earnings per share. The business’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. Best Buy’s payout ratio is 64.83%.

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.