Erste Asset Management GmbH Acquires New Stake in Best Buy Co., Inc. (NYSE:BBY)

Erste Asset Management GmbH bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 73,700 shares of the technology retailer’s stock, valued at approximately $7,537,000.

A number of other large investors have also modified their holdings of the business. Ninety One UK Ltd purchased a new position in shares of Best Buy in the second quarter worth about $121,325,000. Thrivent Financial for Lutherans lifted its stake in Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Best Buy by 55.7% in 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 in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after purchasing an additional 490,801 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wedbush lifted 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, Guggenheim dropped their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Performance

Shares of Best Buy stock opened at $90.00 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 2.39 and a beta of 1.47. The business has a 50-day moving average of $93.81 and a 200 day moving average of $89.38. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 3.01% and a return on equity of 45.93%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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 paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio (DPR) 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.