Louisiana State Employees Retirement System Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Louisiana State Employees Retirement System boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.8% in the third quarter, Holdings Channel.com reports. The firm owned 11,100 shares of the technology retailer’s stock after acquiring an additional 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Best Buy were worth $1,147,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ninety One UK Ltd bought a new position in Best Buy during the second quarter worth $121,325,000. Thrivent Financial for Lutherans lifted its position in shares of 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 buying an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of 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 valued at $241,347,000 after buying an additional 1,024,824 shares during the period. Swedbank AB bought a new stake in shares of Best Buy during the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC raised its stake in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BBY shares. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Friday. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, UBS Group boosted their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Up 0.5 %

Shares of BBY stock opened at $90.90 on Friday. The business’s fifty day moving average is $96.82 and its 200-day moving average is $87.12. The stock has a market cap of $19.52 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 2.37 and a beta of 1.48. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. 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 (NYSE:BBY) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’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. Equities analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.14%. Best Buy’s dividend payout ratio (DPR) is presently 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.